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Cooper Hefner, the 33-year-old youngest son of Playboy founder Hugh Hefner, wants to buy his dad's brand back.
This week, he and a group of investors submitted a $100 million bid to buy it from Playboy Group, according to a report in the Wall Street Journal.
The Playboy Group, whose assets also include a social-media app and a lingerie manufacturer, was valued at approximately $53 million as of Friday. In 2021, its market value was more than $2 billion.
Related: 5 Unknown Facts About Hugh Hefner that Made Him a Successful Entrepreneur
"It's a great American company and a great American brand, outside of my personal connection to it," Hefner, told WSJ, adding that he feels it "has been managed to a state of potentially nonexistence."
Hefner is using his own money and other investors include a hedge fund and one of Playboy's former licensing partners. Hefner would run the new Playboy and become its CEO.
This wouldn't be the first time behind the wheel of the bunny-eared brand. Hefner served as Playboy's chief creative officer for three years, until 2019. What would be different this time around? Hefner told WSJ that he has his eye on new licensing opportunities and media like documentaries that he believes will bring in significant revenue.
The key to success, he says, is looking forward without forgetting the brand's legacy. "You could have all the money in the world and it would be difficult to build the type of brand recognition that Playboy has," he said.
Related: What Disney and Playboy Can Teach You About Branding
