Playboy is in play.

Cooper Hefner, the son of the late Playboy founder Hugh Hefner, is making a $100 million bid to acquire the intellectual property and brand assets ofPlayboy Enterprisesfrom its publicly traded parent company,PLBY Group.

The $100 million all-cash offer includes a residual interest in the new company, giving equity holders a chance to recoup their value. PLBY Group ended last week with a market cap of $53.5 million.

Hefner says that his private equity firm Hefner Capital made the outreach to the PLBY board Monday. He tells The Hollywood Reporter that his pursuit of Playboy is a personal one. The decision to acquire Playboys assets stems froma personal connection and the unique potential to reinvigorate a brand cared for around the world, Hefner says. This effort is about safeguarding a legacy built over decades, ensuring that the creativity, values, and cultural relevance that defined Playboy are not lost.

Hugh Hefner founded Playboy in 1953, and the mens magazine gained traction both for its nude photo spreads and its hard-hitting content, with The Playboy Interview becoming one of the staple magazine formats of the late 20th century. Hefner died in 2017 at age 91.

The company has changed hands a few times since Hefners death, with its current iteration beginning to trade publicly in 2021.

Cooper Hefner knows the brand well, having previously worked as its chief creative officer (THRs Gary Baum profiled him in 2017). He left the company in 2019, and subsequently made a bid for a state Senate seat in California.

Playboy Enterpriseshas a rich history of encouraging personal freedom, critical thinking, and playful storytelling. While the brand has evolved over time, this acquisition offers a meaningful opportunity to realign it with its core identity while adapting to the expectations of todays audience, Hefner says. We look forward to collaborating with PLBY Groups board to pursue an outcome that serves stakeholders.

Hefner says that he and his team have identified a new strategy for the company, which has leaned in recent years to licensing the Playboy brand name to third parties. While the company maintained a relatively strong share price in 2021, since 2022 it has been on a downward trajectory.

From a business perspective, we believe there is remarkable potential for growth, much of the roadmap weve already identified, Hefner says. With the right leadership and strategy, we aim to unlock new avenues of value and tap into consumer interest in innovative ways, including through new experiences. Our approach includes working with forward-thinking partners who share this vision. Ultimately, our goal is to honor the brands heritage while building something dynamic and relevant for the future.