Pretty obvious that the internet is killing it. Why pay for it when you can find it for free pretty easily?
Back in the old days

, Penthouse used to be a huge, iconic organization making tons of money. I believe Guccioni (sp?) filed for bankruptcy within the last year. I'd be willing to bet that Playboy is not so far off, but they seem to have better grasped marketing their stuff and always appealed to a slightly different market.
Forgive my perverted self for making this observation, but kids these days have it so much easier with the internet. Dear lord, to see naked women, us old farts used to have to pay money

And hide things under the mattress, rather than on the hard drive.