Larry Hughes, who worked at men's magazine Hustler, was crossing a street in Los Angeles on Monday morning (21Nov11) when he was struck by a driver in a white Ford Mustang and left for dead.
Hughes was taken to hospital by ambulance but died from his injuries.
Flynt has been left devastated by the loss of his good pal and is now offering a cash reward for information leading to the arrest of the killer.
His representative tells TMZ.com, "It is unconscionable that a human being could strike a man down and simply drive away ... We are committed to helping to find the person responsible and seeing that he or she is brought to justice."
Flynt has urged anyone with any information to contact the Los Angeles Police Department.