Playboy founder sells part of the company to pay off debts

The founder of Playboy magazine Hugh Hefner sells 21% of the company's shares to pay off the debts of Playboy.com .

Playboy Enterprises Publishing Company confirmed the information published earlier than Chicago Business that Hugh Hefner sells more than 20% of the company's shares, which he established 51 years ago.

The company representative said that Hefner, whose daughter Christie is currently heading the company, will sell 21% of Playboy shares, and voting shares are not included in this package. According to K2kapital, Playboy plans to help out about $ 40 million from sale, and all of them will go to pay for the debts of the online unit Playboy.com.

Famous erotic magazines are currently going through the best times, experiencing brutal competition from the side of adult Internet sites. One of the competitors of Playboy - Penthouse magazine - has already went bankrupt . If the General Media company, which publishes Penthouse, will not buy a German network of sex shops, one male magazine in the world will become less.