Playboy brand and products have been sold for $381 million to a New York-based special purpose acquisition company which can look for acquisitions in the online gambling.
Mountain Crest, a New York-based special purpose acquisition company (SPAC) has agreed to pay $381 million for the Playboy brand and products.
In the deal Mountain Crest has offered $10 per share for the controlling 23.9 million shares in the famed brand that over recent decades has fallen from its pinnacle in the 70s and 80s.
Also the acquisition firm said that with Playboy having partnerships with gaming firms Scientific Games and Microgaming it could very well look into further acquisitions in the online gambling sphere, along with highlighting such firms as 888 Holdings, PointsBet, and RummyCircle.com.
However the special acquisition firm that uses to acquire such brands as a way to access public markets. In the deal Mountain Crest has promised to plough into the business some $58 million to help develop and expand the company.
Mountain also said it would look to enter other markets such as beauty and grooming, sexual wellness, and style and apparel.
How the company that has spent $381 million on Playboy has the strategy to turn the fortunes around on a brand and its style that seems to have had its time will be very interesting to see.
About the famous brand Playboy you can read HERE.
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