Hugh Hefner's libido seems to have more life than his publishing house, Playboy Enterprises (PLA).

Reuters reports a weakening of revenues for publishers and television companies as more people look to free entertainment online.

Playboy reported a first quarter loss of $3.1 million compared to a profit of $1.5 million one year ago. Company revenue followed this downward slope, falling 8% to $78.5 million and missing estimates by $6.9 million.

The company's domestic television take fell 16% despite growth in monthly subscription revenue at Playboy TV. Moreover, profit at flagship Playboy magazine declined 14% as circulation and ad sales for the publication plummeted.

Hefner said he knew Playboy's revenue from licensing, which rose 5% with a 10% boost from international consumer products, would stay strong throughout the year. On the other hand, he didn't expect the company's overall weak showing.

But the ever-industrious perma-bachelor thinks that Miley Cyrus posing for Playboy will reverse the embattled company's fortune. If not, maybe its new mobile phone will do the trick.