It’s the end of an era for Playboy

It’s official. For the first time in the company’s long history, there is no longer a Hefner who owns any part of the Playboy empire.

The Hugh Hefner family trust has officially cashed in its last shares of Playboy for a reported $35 million.

The Blast reported that the deal will be paid out with $15,000 cash for their 800,000 shares and then the remaining 1 million shares are being put into an extra where Playboy will pay the trust a $20 million loan.

The proceeds of the deal will be paid to the trust and the trust will pay out according to the terms of which it was set up, which probably pays most of the proceeds to the kids.

Cooper Hefner is going to continue working at the CCO (Chief Creative Officer) but he will have no ownership in the company.