CHICAGO, Sept. 7 /PRNewswire/ -- Playboy Enterprises, Inc. (PEI) (NYSE: PLA, PLAA) announced today that the special committee of its board of directors formed, as previously announced, following receipt of a proposal made by Hugh M. Hefner ("Hefner") to acquire the outstanding Class A and Class B shares of common stock of PEI that Hefner does not currently beneficially own, has retained Raine Securities LLC as its financial advisor and Kaye Scholer LLP as its legal advisor.

The special committee reiterates prior cautions to PEI's stockholders and others considering trading in its securities that no decisions have been made by the board of directors or the special committee with respect to PEI's response to the initial Hefner proposal or whether this or any other transaction is in the best interests of PEI and it stockholders. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated.

About PEI

Playboy is one of the most recognized and popular consumer brands in the world. PEI is a media and lifestyle company that markets the brand through a wide range of media properties and licensing initiatives. PEI publishes Playboy magazine in the United States and abroad and creates content for distribution via television networks, websites, mobile platforms and radio. Through licensing agreements, the Playboy brand appears on a wide range of consumer products in more than 150 countries as well as retail stores and entertainment venues.

About Raine Securities LLC

Raine Securities LLC is a registered broker-dealer and a wholly-owned subsidiary of The Raine Group. The Raine Group is a merchant bank that was founded in 2009 by Joseph Ravitch and Jeffrey Sine. The Raine Group focuses on advising and investing in sports, media, digital media and entertainment and has offices in New York, located at 1325 Avenue of the Americas, 23rd Floor, New York, NY 10019, (212) 603-5500, as well as in Los Angeles and Beijing.

Forward Looking Statements

This press release contains statements that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations about future events. These statements are not guarantees of future events and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual events may differ materially from what is expressed in such forward-looking statements due to numerous factors. These include the uncertainties set forth in this press release regarding whether an acquisition of PEI will be consummated upon the terms proposed by Hefner, or at all. Further information and risks regarding factors that could affect our business, operations, financial results or financial positions are discussed from time to time in PEI's Securities and Exchange Commission filings and reports. We want to caution you not to place undue reliance on any forward-looking statements. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.

SOURCE Playboy Enterprises, Inc.