Hollywood execs Sagansky, Sloan in talks to acquire Playboy: sources

Reuters News
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Posted: Oct 26, 2016 4:22 PM

(Reuters) - Hollywood executives Jeff Sagansky and Harry Sloan are in advanced talks to acquire magazine publishing company Playboy Enterprises Inc [ICONAP.UL] through an acquisition vehicle that they launched last year, people familiar with the matter said.

Double Eagle Acquisition Corp, Sagansky and Sloan's special purpose acquisition company, 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, the people said on Wednesday.

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. 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.

The sources asked not to be identified because the negotiations are confidential. Double Eagle and Rizvi Traverse did not immediately respond to requests for comment, while Playboy Enterprises declined to comment.

(Reporting by Lauren Hirsch in New York; Editing by Matthew Lewis)