Hugh Hefner is rumored to be selling his Playboy empire to Virgin Media mogul Sir Richard Branson for $400 million, a new report claims.

Hef, 83, founded the men’s mag more than 56 years ago, but the dominance of the Internet — with its access to free pornography — has taken its toll on the magazine’s sales in recent years, The Daily Telegraph reported Sunday.

Playboy sales have dropped from seven million an issue in 1972 to around three million today.

A Playboy spokesman denied that the mag had received any offers, but cautioned that Playboy would “listen to proposals that could create value for all of our shareholders.”