Celebrity News

Hefner to Sell Playboy to Branson?

By:
May 25, 2009 | 7:47pm EDT

Mogul Hugh Hefner is reportedly lining up British billionaire Richard Branson to take over his Playboy empire.

Hefner's company -- founded 56 years ago -- is battling the recession and the rise in Internet pornography, with the firm recently posting losses of $13 million for the first quarter of 2009.

Sources suggest the 83-year-old is thinking of retiring and courting Virgin boss Branson as a potential buyer -- with a price tag set at $300 million.

A Playboy spokesperson denies any offers have been made, but admits Hefner would "listen to proposals that could create value for all of our shareholders."

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