Playboy, the famous Chicago-based magazine and business enterprise founded by Hugh Hefner in 1953, is reportedly for sale.

Playboy Enterprises has retained a boutique investment bank, Moelis & Co, to advise it on a potential sale that could earn them more than $500 million. The source of this information remains unnamed as those involved are reportedly not authorized to speak publicly on the matter. Moelis & Co also declined comment.

But the reports sound believable, as Playboy has been very publicly struggling in recent years. Back in its heyday the magazine pushed culturally boundaries. It did more than push the limits on the discourse of sex, their issues held iconic interviews with figures such as Martin Luther King Jr and John Lennon, along with the work of authors like Joyce Carol Oates and Kurt Vonnegut.  Their circulation high was around 5.6 million in the mid-70s. Now they reach less than a million. Playboy makes most of its money now from licensing its brand and logo across the world. About 40% of its business comes from China, though the magazine is not available there. Playboy’s television and online efforts, as well as their recent reboot that did away with nudity in its pages, have failed to bring significant results.

This comes just weeks after the famous Playboy mansion went up for sale for $200 million, even though Hefner continues to reside there. Reports say that the possible sale “arose out of the interest in the sale of the mansion,” as even though the listings were separate, many inquiries asked whether the company could be sold.

“Several well-funded entities have expressed interest,” said Playboy chief executive Scott Flanders to CNN.

None of the entities have been named.

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