Hugh Hefner has decided to sell his £200million company Playboy after 56 years at the helm.
The soft porn empire, which reported losses of £8.6m for the first three months of this year, is understood to have cut 25% of its employees in an effort to reduce costs.
The availability of free pornography on the internet has adversely affected the Playboy magazine's sales. Sales have fallen from about seven million in 1972 to three million in the present day.
Virgin Media has been tipped as a potential buyer. No bid approaches have been confirmed, however.
The high asking price will ensure that Hefner, who still controls 70% of the company, will be able to continue his luxurious lifestyle.
Apollo Capital Partners and Providence Equity Partners had been approached but will not be putting in a bid.
Playboy is going to combine its July and August issues to create a bumper issue in order to save printing and distribution costs.
