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Los Angeles/Chicago – from www.abclocal.go.com – Hugh Hefner has succeeded in taking Playboy Enterprises private, buying out the public stock with the help of an investment firm.

Shareholders will be paid $207 million.

Under the deal, Hefner, 84, will own 37 percent of Playboy Enterprises. Rizvi Traverse, the investment firm that made the deal possible, will have a 60 percent stake.

Playboy Magazine has struggled in recent years, facing competition from adult content on the Internet.

There have been several rounds of layoffs in the past few years.

Hefner remains editor-in-chief and chief creative officer of Playboy.

from www.upi.com – Publisher Hugh Hefner said Playboy Enterprises had turned over a new leaf, as a deal closed to return the Chicago-based business to private hands.

The $207 million deal that closed this week, “Marks the beginning of an exciting era for this company and our iconic brand,” said Hefner, who will keep his position as editor-in-chief of Playboy Magazine, The Hollywood Reporter said Saturday.

The company was purchased by an investment group called Icon Acquisition Holdings for $6.15 per share.

Hefner had held a majority of the company while it was public, owning 69.5 percent of the firm’s Class A stock and 27.7 percent of its Class B stock, the Reporter said.

Scott Flanders will stay on as chief executive officer.

Hefner said, “I believe this new ownership structure will allow us to further capitalize on the unique and global appeal of the Playboy brand, and I look forward to our business success.”