- Associated Press - Monday, July 12, 2010

PRIVATE OFFER: Playboy Enterprises Inc. says founder Hugh Hefner has proposed taking the company private with help from a private equity firm.

RIVAL SUITER: The corporate parent of rival Penthouse magazine says it will also make a bid. But Hefner owns 70 percent of the company’s voting stock and doesn’t appear ready to sell.

TURNAROUND: If Hefner’s deal goes through, the 84-year-old will have a big turnaround effort on his hands. The offer comes as print advertising is in a tailspin and the company has stretched its brand thin by leasing its famous bunny ears for everything from cigars to slot machines.