H’wood duo eyes Playboy
Hollywood executives Jeff Sagansky and Harry Sloan have their eyes on Playboy.
The duo’s Double Eagle Acquisition Corp., which raised $500 million last year, are in “advanced talks” with Playboy owner Rizvi Traverse, according to a report Wednesday by Reuters.
Playboy has been struggling to find relevance in a world where free internet porn is readily available.
The magazine, founded by Hugh Hefner in 1953, was taken private in 2011 by Rizvi Traverse in a deal that valued Playboy at $207 million.
In a huge strategic shift, Playboy dropped nude models from its pages, beginning with its March issue. Two years earlier, it had unveiled a “safe for work” Web site.
Results have been mixed. Though single-copy sales surged, subscriptions fell.
Aside from its majority stake in Playboy, Rizvi Traverse owns stakes in Twitter, SpaceX, Square, Snapchat, and RealD Inc, a 3-D movie technology company.
Playboy and Double Eagle declined comment. Rizvi did not return calls seeking comment.