Playboy Going Private (PLA)

Shares of Playboy PLA are up over 18% in pre-market trading, after reports that the legendary publishing company is going private this morning for $6.15 per share. Icon Acquisition Holdings, L.P., a limited partnership controlled by Hugh Hefner is going to buy the company. Icon Acquisition Holdings received equity commitments from an affiliate of Rizvi Traverse Management LLC and a debt commitment from affiliates of Jefferies JEF. Hefner said, "With the completion of this transaction, Playboy will come full circle, returning to its roots as a private company. The brand resonates today as clearly as at any time in its 57-year history. I believe this agreement will give us the resources and flexibility to return Playboy to its unique position and to further expand our business around the world." Sol Rosenthal, Chairman of the Special Committee of Playboy's Board of Directors, said: "The Special Committee and the Board have determined that the transaction is advisable, fair to and in the best interests of the Company's public stockholders." Shares of PLA are up 90 cents in pre-market trading to $6.10, a gain of 17.3%.