From correspondents in London, England, 11:00 PM IST

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

Hefner's company, founded 56 years ago, is battling recession and rise in internet pornography, with the firm recently posting losses of $13 million (8.6 million pounds) for the first three quarter of 2009, reports contactmusic.com.

Sources suggest the 83-year-old is thinking of retiring and courting the Virgin boss as a potential buyer with a price-tag set at $300 million (200 million pounds).

(Staff Writer, © IANS)