The 83 year old Hugh Hefner is the owner of the world famous Playboy Magazine Company; he started this company about 56 years before. Playboy is one of the best selling magazines in USA. Hugh Hefner expressed his interest in selling his company to British billionaire Sir Richard Branson's Virgin firm for $300 Million. Playboy also announced a strict cost-cutting regime and is reported to have layoff 25 per cent of his employees.
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