A few hours later, Marc Bell, the CEO of Penthouse owner FriendFinder, said his company will make a formal bid soon.
Penthouse likely to bid for Hefner's Playboy →
Though he said shutting down the print magazine would be a bad idea, he added, "It needs to be run like a 21st century company."
Bunny bid: Hefner offers to buy rest of Playboy →
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