(Reuters) – Playboy Enterprises Inc (PLA.N), publisher of one of the world’s best known adult magazines, is likely to offer its vacant CEO post to Scott Flanders, president and chief executive of Freedom Communications Inc, the Wall Street Journal said, citing people familiar with the matter.

No contract has been signed and the intended hire could fall apart, the paper said.

The people told the paper that Flanders has emerged as the clear favorite for the position, after a few recent visits to the Playboy Mansion.

Freedom Communications, based in Irvine, California, owns TV stations and newspapers in the United States and publishes the the Orange County Register in California.

A Playboy spokeswoman based in Chicago declined to comment to the paper, while the paper could not reach Freedom Communications for comment.

Reuters attempts to reach Playboy and Flanders on Sunday night were unsuccessful.

From the Wall Street Journal: Playboy Enterprises Inc. is expected to offer Scott Flanders, president and chief executive of Freedom Communications Inc., its vacant CEO post as early as this week, according to people familiar with the matter.

No contract has been signed, and the intended hire could still fall apart. But after a couple of recent visits to the Playboy Mansion, Mr. Flanders has emerged as the clear favorite, the people said.

A spokeswoman for Playboy, based in Chicago, declined to comment. Freedom, of Irvine, Calif., couldn’t be reached to comment.

Rumors have circulated recently that Playboy is about to change hands, after more than a half-century under founder Hugh Hefner’s control. Mr. Hefner’s daughter, Christie, resigned late last year after two decades as chief executive. Her interim successor, board member Jerome Kern, subsequently said the company was “willing to listen” to acquisition offers, spurring speculation about potential suitors.

After reports early last week that the publisher had approached private-equity firms about a possible sale, Playboy said it isn’t marketing itself to investors but is willing to hear proposals. It isn’t clear whether the emergence of Mr. Flanders as a favorite means the company is more likely or less likely to seek a buyer.

Mr. Flanders has spent more than three years at the helm of Freedom, which owns TV stations and newspapers, including the Orange County Register in California. He was an independent director of the company earlier in the decade, when Freedom fended off takeover offers by striking deals with a pair of private-equity firms. Those deals allowed Freedom to remain under the Hoiles family’s control.

Playboy has come under significant pressure in recent years as the proliferation of outlets for pornography has chipped away at the company’s share of the adult-entertainment market.

Playboy has offset the decline in the magazine’s fortunes with growth in its entertainment and licensing divisions. Recently, though, all segments have taken a hit, forcing cost-cutting initiatives, including closing the New York office and reducing head count by 25% since last fall.

Last month, after the company posted a net loss of $13.7 million for the first quarter, Mr. Kern said Playboy is considering reducing the frequency and circulation of the magazine.