Hugh Hefner reaches deal to buy back his porn empire

London (ANI): Playboy founder Hugh Hefner has sealed the deal to buy back his porn empire. The 84-year-old, who founded Playboy nearly 60 years ago, will take the company private in a deal valuing the brand at 207 million dollars (131 million pounds).

He will pay 6.15 dollars a share, beating off a higher bid from Penthouse, his main adult magazine rival. “The brand resonates today as clearly as at any time in its 57-year history," the Daily Mail quoted him as saying.

“With the completion of this transaction, Playboy will come full circle, returning to its roots as a private company," he added.