Playboy sells ‘Big Bunny’ jet to family office

The parent company of Playboy, struggling with mounting losses, is set to get a boost from the sale of a recently resurrected private jet for US$17.5 million.

Playboy's luxury jet, known as the Big Bunny, is being sold to raise cash for the company that owns and licenses Hugh Hefner's iconic bunny-themed brand, according to a Sept. 1 regulatory filing. An entity linked to Slater Family Holdings, a family office with outposts in Boston and Palm Beach, Fla., has agreed to buy the aircraft, sale documents show.

Playboy, now known as PLBY Group, purchased the Bombardier-made private jet for US$12 million in 2021, following Playboy's return to public markets via merger with a blank-cheque company. After meticulous renovations inspired by Hefner's original jet and a splashy launch, the sale would “more than double” Playboy's US$3-million cash investment, the firm said in a filing.

PLBY Group and Slater Family Holdings did not immediately respond to requests for comment.

The deal calls for PLBY to retain ownership of the plane's tail number: N950PB, the same number as Hefner's original jet. Playboy logos will be removed from both the interior and exterior of the aircraft.

The deal comes after PLBY reported lower earnings in the second quarter as supply chain snarls and inflation drove up expenses and slowed consumer spending. CEO Ben Kohn said the company had restructured its debt and secured additional liquidity during the quarter. He told investors the firm had US$70 million in cash equivalents, which include crypto and restricted cash, and is also conducting a strategic review. The firm's businesses beyond licensing Playboy include direct-to-consumer products, digital subscriptions and content, and location-based entertainment. PLBY, with a market capitalization of about US$188 million, had about US$225 million in debt outstanding as of June 30.