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Hugh Hefner offers to take Playboy private

CHICAGO -- Hugh Hefner's offer to take Playboy Enterprises Inc. private drew the promise of a competing bid on Monday from the owner of archrival Penthouse magazine. That raises the possibility that Playboy's 84-year-old founder could lose control of the men's magazine he started more than half a century ago. Playboy, which Hefner launched in 1953, had its most popular years in the 1970s and has been struggling recently to stay profitable.

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