Hefner to Unload Stock.
Multichannel News, April, 1999
CHICAGO -- Playboy Enterprises Inc. founder and editor in chief Hugh Hefner is planning to sell 2 million shares of company stock, adding nearly $50 million to his wallet. Hefner registered the 2 million class B shares April 9. The sale would reduce his class B holdings to about 6 million shares, or 32.5 percent, from around 8 million shares, or 44.6 percent.
Heftier still holds 3,321,836 class A voting shares, or 69.9 percent, according to documents filed with the U.S. Securities and Exchange Commission. According to the filing, Hefner plans to sell the shares for $23.56 each, or a total of about $47.1 million. Playboy's stock, which is traded on the New York Stock Exchange, closed at $26.88 per share last Tuesday Hefner, 73, formed...
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