Playboy (PLBY) said Monday it has agreed to repurchase about 16.6 million shares from funds managed by affiliates of Fortress Investment Group at $1.05 per share.
The $17.4 million deal accounts for nearly 15% of its stock and was executed at a 28% discount to the market value, it said.
The company said it paid $2 million at execution and will pay the remaining balance in three installments through Dec. 31.
Shares were up over 4% in morning trading.
Price: 1.51, Change: +0.06, Percent Change: +4.14
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