RENEE MONTAGNE, Host: The future of Playboy could be up for grabs. Hugh Hefner, who founded the magazine nearly 60 years ago, has offered $123 million to take the company private. But he could be competing with a bid from the parent company of Playboy's long-time rival Penthouse.</s>RENEE MONTAGNE, Host: NPR's Yuki Noguchi has more.</s>YUKI NOGUCHI: The Internet has not been kind to Playboy's business, but those famous bunny ears still sell. Under a new management, Playboy has focused on selling that brand and launching into gaming by partnering with the Sands in Las Vegas.</s>YUKI NOGUCHI: Steve Marascia is director of research at Capitol Securities Management. He says that's strategy is working, and Hefner probably wants to stay the course.</s>STEVE MARASCIA: And I would anticipate he might continue on with it and let the company move itself into focusing on the brand, branding and the licensing business, as well as the entertainment centers that they've been co-partnering with.</s>YUKI NOGUCHI: But as early as today, FriendFinder Networks, Penthouse's parent company, may announce its plans.</s>YUKI NOGUCHI: FriendFinder CEO Marc Bell declined to comment on tape about its offer, but Bell said Playboy would be the perfect add-on to its existing technology and publishing business. And Bell says he would be amenable to keeping Hefner on if Penthouse acquires the company.</s>YUKI NOGUCHI: But Capitol Securities' Marascia says Hefner likely made his bid hoping to retain control.</s>STEVE MARASCIA: I think that it's hard for anybody to see their own business which they started wrestled away from them, and this would be a great way for him to keep it under his own wings.</s>YUKI NOGUCHI: Playboy's stock shot up on the news. It closed up 40 percent yesterday.</s>YUKI NOGUCHI: Yuki Noguchi, NPR News.
Hugh Hefner is offering to buy all the shares of Playboy Enterprises that he doesn't already own. It's a bid to take the struggling company private. But the move put the company in play, and within hours the owner of rival Penthouse magazine was expressing interest.