Iconix, the adult-content producer was in talks with Playboy Enterprises Inc., the magazine publisher, for deal to acquire the latter.

Aging founder of Playboy, Hugh Hefner is the major stakeholder of company and controls 70% of the voting stock. Playboy has struggled financially for several years. Iconix wanted to use the brand name of Playboy hoping to license for its consumer products and location-based entertainment.

Iconix Brand Management has ended talks to acquire Playboy Enterprises Inc., according to three people familiar with the situation.

Iconix is troubled for taking decisions on this, thinking of Hefner, who is not involved in day-to-day management but is Playboy's public figurehead and serves as chief creative officer and editor in chief of its magazine.

The sources say that though the talks with Iconix have ended, there is still a chance they could resume.

While Playboy is making efforts to resolve the issue, no conclusion has been reached so far. As of now, no other buyers have expressed interested in Playboy, the source said.