Playboy Buys Back 16.6 Million Shares From Fortress at 28% Discount
Playboy agreed to repurchase Fortress Investment Group's entire 16.6 million share stake at $1.05 per share, a 28% discount to market, for $17.4 million total consideration with payment through year-end.
Playboy Inc. (NASDAQ: PLBY) entered into a definitive agreement to repurchase approximately 16.6 million shares of its common stock from funds managed by affiliates of Fortress Investment Group at a fixed price of $1.05 per share, for total consideration of approximately $17.4 million, the company announced June 22. The transaction represents the entire equity position held by Fortress.
The repurchase price reflects a 28% discount to market value and covers nearly 15% of Playboy's outstanding shares. The company negotiated a payment schedule extending through year-end to preserve balance sheet flexibility. Rizvi Traverse and Byborg have committed to backstop the remaining purchase price.
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