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Nearly a decade after it was taken private by founder Hugh Hefner, Playboy Enterprises will return to the public markets.
The company has agreed to merge with a Special Purpose Acquisition Company (SPAC) called Mountain Crest Acquisition Corp., after which it will trade on the Nasdaq stock market under the ticker “PLBY.” The public company will be led by Ben Kohn, Playboy’s CEO.
The deal values the company at $415 million, with institutional investors committing to a $50 million cash infusion at closing.
While Playboy is best known for the magazine founded by Hefner, the new company is focused more on utilizing the corporate brand on consumer products. The company says it will focus its efforts in four areas: “sexual wellness,” including lingerie, gaming and lifestyle products, such as digital games and alcoholic beverages, style and apparel, and beauty and grooming.
Playboy, which was founded by Hefner in 1953, was a publicly-traded company from 1971-2011, when Hefner took it private for around $200 million. Hefner died in 2017, and his family sold their stake in the company the following year.
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