CHICAGO (AP) — Hugh Hefner wants to buy out the portion of the Playboy empire he doesn’t already own in a bet that the iconic brand can still bring in profits even if the ink-on-paper magazine is past its prime.

Hefner, who founded Playboy magazine more than a half-century ago, is apparently not alone in thinking it can keep swinging into the digital age. A few hours after Playboy Enterprises Inc. announced Hefner’s offer Monday, the corporate parent of rival Penthouse magazine said it will also make a bid.