Hugh Hefner's Son Cooper Offers $100 Million Cash to Buy Iconic Playboy Brand: 'My Family's Legacy' (Exclusive)

Cooper Hefner is making a bid to buy Playboy — the company founded by his late father, Hugh Hefner — in a $100 million all-cash offer that he hopes will "restore the brand to its roots."

"The opportunity to acquire Playboy is deeply personal for me. This brand is woven into my family’s legacy, and I’ve seen firsthand its cultural impact over the decades," Cooper tells PEOPLE.

He continues: "Playboy represents more than just a business — it’s a platform for creativity, freedom of expression and storytelling. Professionally, I see immense potential to restore the brand to its roots while innovating for the future and unlocking significant untapped value for investors."

In 2019, Cooper (who previously served as the chief of global partnerships at Playboy Enterprises and is now a managing partner at VC firm Hefner Capital) left the company to launch his own digital media platform, Hefner Media Corporation. In 2020, Cooper launched an ultimately unsuccessful bid for a state Senate seat in California.

But now, he's looking to get back into the family business, making a bid "to acquire the intellectual property and brand assets of Playboy Enterprises from its publicly traded parent company, PLBY Group," reports The Hollywood Reporter.

Cooper confirmed the report to PEOPLE, saying in his statement, "In an era where heritage brands with modern relevance are in demand, I believe Playboy can once again lead conversations around lifestyle, entertainment and individual freedom. Our main objective right now is to collaboratively work with the current stakeholders of the business and brand to identify an outcome that works for all."

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In 1953, Hugh founded Playboy magazine, which expanded into a global brand including lounges, apparel and an iconic mansion in the 60-plus years since.

On Sept. 27, 2017, the Playboy magazine founder and star of E! reality show The Girls Next Door died at the age of 91.

At the time of Hugh's death, Cooper remembered his father as “a media and cultural pioneer and a leading voice behind some of the most significant social and cultural movements of our time in advocating free speech, civil rights and sexual freedom."

“He defined a lifestyle and ethos that lie at the heart of the Playboy brand, one of the most recognizable and enduring in history. He will be greatly missed by many, including his wife Crystal, my sister Christie and my brothers David and Marston, and all of us at Playboy Enterprises," Cooper said in a statement issued at the time.

Since Hugh's death, Playboy ownership has evolved and its iconic magazine was shuttered in 2020 amid the coronavirus pandemic, with the company saying it would shift its focus to digital growth.

Playboy became a publicly traded company in 2021, and its current parent company, PLBY Group, announced plans to relaunch the magazine in February 2025.

"The new Playboy magazine will feature everything that made the publication iconic: unforgettable photography, renowned features such as the Playboy Interview and Playboy Advisor, celebrity pictorials, and the Playmate Centerfold, which has been a central component of Playboy since its inception," the company said in a press release.

The company also announced it had begun "a worldwide search for the 2024 and 2025 Playmate of the Year and a new class of Playboy Bunnies, who will represent the brand at exclusive events and experiences throughout the year."