A group led by two veteran Hollywood executives is in advanced talks to acquire Playboy Enterprises Inc., Reuters reports. The news organization reports that talks are under way between Playboy and Double Eagle Acquisition Corp, launched last year by Jeff Sagansky and Harry Sloan.
“Sagansky, a former president of CBS Entertainment and co-president of Sony Pictures Television, and Harry Sloan, a former chairman and chief executive of Metro-Goldwyn-Mayer, raised $500 million through the initial public offering of Double Eagle in 2015,” Reuters notes.
Double Eagle “is negotiating the acquisition of Playboy as part of a portfolio of assets it is seeking to buy from private equity firm Rizvi Traverse Management for between $2 billion and $3 billion,” Reuters reports, citing sources who are familiar with the matter.
“Rizvi Traverse’s portfolio also includes investment stakes in Twitter Inc, SpaceX, Square Inc and Snapchat, as well as RealD Inc, a 3D movie technology company it acquired earlier this year,” the report notes. “It is not clear whether Double Eagle would acquire all the assets of Playboy Enterprises, or which other Rizvi Traverse holdings would be included in the deal.”