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

Hefner's company - founded 56 years ago - is battling the recession and the rise in internet pornography, with the firm recently posting losses of $13 million for the first three months of 2009.

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

A Playboy spokesperson denies any offers have been made, but admits Hefner would "listen to proposals that could create value for all of our shareholders".

Hugh Hefner Gallery

(This news article provided by World Entertainment News Network)