The PLBY Group, the publicly traded parent company of Playboy, has rejected a $100 million offer from Cooper Hefner, son of the late Hugh Hefner, to reacquire the brand’s intellectual property. The proposal, which was presented by Cooper Hefner’s private equity firm, Hefner Capital, was dismissed unanimously by PLBY’s board of directors, citing the undervaluation of Playboy’s assets.

In a formal statement, PLBY CEO Ben Kohn outlined the board’s reasoning behind the rejection. “After careful review and consideration of Hefner’s unsolicited proposal, our board determined that the proposal substantially undervalues the Playboy assets and is not in the best interest of PLBY Group’s stockholders,” Kohn said.

Kohn added that the company remains focused on its “asset-light model,” emphasizing brand licensing and digital growth. This strategy, according to Kohn, is more aligned with the long-term goals of shareholders. “While we appreciate the interest in Playboy’s unparalleled brand, we are confident in our current strategic path, which better supports sustainable value for stockholders,” he noted.

Cooper Hefner’s bid was reportedly driven by a desire to protect and revive the iconic brand founded by his father in 1953. In an interview with The Hollywood Reporter, Hefner expressed that the effort to reclaim Playboy’s intellectual property was a personal mission.

“This effort is about safeguarding a legacy built over decades, ensuring that the creativity, values, and cultural relevance that defined Playboy are not lost,” he said. Hefner emphasized that his goal was to both honor the brand’s heritage and adapt it for a contemporary audience.

The proposal included a $100 million cash payment and a 10% equity stake in a new entity that would manage the brand’s creative ventures, including the return of Playboy magazine, which PLBY announced would resume print in February 2025.

The reintroduction of Playboy magazine is part of PLBY’s strategy to capitalize on its enduring brand value. An annual print issue is slated for release in February 2025, with a launch event planned during the NFL’s championship game weekend in New Orleans. This move is part of a broader effort to re-engage audiences through revamped digital content and limited-edition print releases.

News of Cooper Hefner’s bid briefly lifted PLBY’s stock price by over 20%, though it remains under pressure. On Thursday, PLBY’s shares fell by more than 5%, dropping the company’s market capitalization to below $60 million, as reported by Variety. The decline reflects broader challenges that PLBY has faced in recent years, including the sale of assets such as sexual wellness brands Lovers and Yandy.

The rejection of Hefner’s bid raises questions about the future direction of Playboy, a brand that once stood as a cultural touchstone but has struggled in recent years amid shifting consumer preferences and the rapid decline of print media. The company’s current strategy emphasizes licensing, with a focus on digital channels, merchandising, and collaborations with third parties.

Cooper Hefner, who previously served as the Chief Creative Officer of Playboy, has sought to pivot the brand toward more socially conscious narratives and new business models. He had previously reintroduced nudity to the magazine in 2017 after a brief attempt to make it nudity-free. Hefner’s vision includes reintegrating storytelling, critical thought, and a sense of personal freedom—elements he believes are integral to Playboy’s DNA.

As PLBY continues to grapple with its identity and strategy, it remains to be seen whether further negotiations with Cooper Hefner or other interested parties will take place. For now, the company is doubling down on its licensing model, hoping to capture new revenue streams while exploring digital media expansion.

However, as Cooper Hefner’s bid indicates, there is still a lingering desire from the Hefner family to restore Playboy’s cultural relevance and legacy. “Ultimately, our goal is to honor the brand’s heritage while building something dynamic and relevant for the future,” Hefner stated.

Whether PLBY’s current path can revitalize the Playboy brand in a way that resonates with modern audiences or if Cooper Hefner will eventually find another route to reclaim the legacy of his father’s creation remains an unfolding story.

For now, the PLBY board’s decision represents a definitive stance on the brand’s valuation and strategic direction. As the company navigates the complexities of its asset-light approach and digital reinvention, the Playboy name—still one of the most recognizable in the world—continues to capture both public fascination and investor interest.

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