Following an agreement reached with another company, a famous ‘Playboy’ is going to be a part of the stock market once again.
Playboy magazine was started by publisher Hugh Hefner in the early days of the Cold War in 1953 and soon became popular around the world.
The first edition of the magazine featured photos of Marilyn Monroe, a well-known and bold Hollywood actress.
Although Playboy started out as an adult magazine, over time it has evolved into a company called Playboy Insurance.
Playboy Insurance Company also provided a variety of goods and services for men and women in 180 countries around the world, including magazine publishing.
However, in the age of digital media, its popularity declined, as many of its companies began to provide better and better services.
After other companies entered the fray, Playboy Insurance terminated all services in 2011 and privatized the company, and since then only magazines have been published and later the company’s losses increased further.
Playboy Insurance surprised everyone by shutting down the magazine and announcing it online at the start of the Coronavirus pandemic in March this year due to declining earnings.
Seven months after the magazine closed, the company has announced that it has entered into a partnership with another company.
According to the British economic magazine Financial Times, Playboy Insurance has reached an agreement with Mountain Crest Acquisition Corporation, after which Adult Magazine will now be able to start working as a business company.
According to the report, an agreement has been reached between the two companies for a large sum of money and the said agreement will not only eliminate the debt of Play Magazine but also increase the value of its shares.
Under an agreement reached between the two companies, Play Magazine will once again act as a public service provider.
With the new deal, Playboy Insurance is expected to become part of next year’s Nasdaq Stock Exchange in New York, after which the company will begin its services.
Expressing happiness over the agreement, Play Magazine Insurance said that 50% of its customers worldwide are women.
It is believed that Hugh Hefner started the magazine with a loan, but soon his magazine became famous all over the world and he became a billionaire.
Hugh Huffner, who died in September 2017 at the age of 91, started other entertainment businesses, including casinos and nightclubs, with the magazine’s earnings.
Hugh Hefner has had three marriages, the first in the early days of his career, the second in 1986, and the third and final marriage in 2012 at the age of 86, following his own magazine’s 24-year-old model Crystal Harris.
The Playboy founder told AFP in a 2003 interview that he will be remembered as a man who did what people wanted him to do.