Cooper Hefner, the 33-year-old youngest son of Playboy founder Hugh Hefnerwants to buy his father's brand.

This week, he and a group of investors submitted a $100 million bid to buy it from the Playboy Group, according to a report in Wall Street Journal.

Playboy Group, whose assets also include a social media app and an underwear maker, was valued at about $53 million as of Friday. In 2021, its market value was more than 2 billion dollars.

Related: 5 unknown facts about Hugh Hefner that made him a successful entrepreneur

“It's a great American company and a great American brand, outside of my personal connection to it,” Hefner told the WSJ, adding that he thinks it “has been managed into a state of potentially non-existence.”

Hefner is using his own money, and other investors include a hedge fund and one of Playboy's former licensing partners. Hefner would run the new Playboy and become its CEO.

This wouldn't be the brand's first time behind the wheel with bunny ears. Hefner served as Playboy's chief creative officer for three years, until 2019. What would be different this time? Hefner said WSJ that he has his eye on new licensing opportunities and media such as documentaries that he believes will bring significant revenue.

The key to success, he says, is to look forward without forgetting the brand's heritage. “You could have all the money in the world and it would be hard to build the kind of brand recognition that Playboy has,” he said.

Related: What Disney and Playboy can teach you about branding