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Could Hugh Hefner Sell Playboy?

Hugh Hefner is reportedly lining up British billionaire Richard Branson to take over his Playboy empire.

Hefner's company - founded 56 years ago - is battling the recession and the rise in internet pornography, with the firm recently posting losses of $13 million for the first three months of 2009.

Sources suggest the 83-year-old is thinking of retiring and courting Virgin boss Branson as a potential buyer - with a price-tag set at $300 million .

A Playboy spokesperson denies any offers have been made, but admits Hefner would "listen to proposals that could create value for all of our shareholders".

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