Hugh Hefner -- I'm Taking Back 'Playboy'

1/10/2011 9:30 AM PST
Hugh Hefner has sealed a deal to buy back control of his Playboy empire from stockholders -- a deal that didn't come cheap.

The quick and dirty: 84-year-old Hefner will spend $207 million to buy out Playboy stockholders ... giving him significantly more control of the company he founded more than 50 years ago.

Hefner had previously stated that he intends to pass control of Playboy over to his two sons -- and this move will make it easier for him to execute his plan.