Playboy Can't Find Buyer

The Playboy empire can't find a buyer at the inflated price of $300 million, the New York Post reports. Hugh Hefner, who founded the magazine in 1953, has been unsuccessfully approaching potential buyers like Apollo Capital Partners and Providence Equity Partners in an attempt to quietly sell the ailing company. Playboy's market value is about $100 million, but sources say 83-year-old Hefner wants three times that amount to support his lavish lifestyle for the rest of his years. The company lost $13.7 million in the most recent quarter, and Hefner's daughter stepped down as CEO in January.