Playboy To Buy Back 16.6 Million Shares at Discount
Playboy (PLBY) said Monday it has agreed to repurchase about 16.6 million shares from funds managed by affiliates of Fortress Investment Group at $1.05 per share.The $17.4 million deal accounts for nearly 15% of its stock and was executed at a 28% discount to the market value, it said.The company said it paid $2 million at execution and will pay the remaining balance in three installments through Dec. 31.Shares were up over 4% in morning trading.Price: $1.51, Change: $+0.06, Percent Change: +4.14%