• Reuters, Thursday, July 20, 2006 2:15 PM

Playboy is losing more than Miss July's wardrobe. In a move to strip out costs, Playboy Enterprises will cut its annual programming and editorial budgets by about $4.5 million and cut about 30 jobs, Reuters reports. The reductions, part of a previously announced plan, come as the 53-year-old company started by Hugh Hefner struggles with mounting losses at its eponymous magazine due to lower ad and newsstand revenue. The percentage of the total budget to face the ax is unknown. A Playboy spokeswoman declined to say how much the company spends each year on programming and editorial. The company also says it expects to report a second-quarter loss.

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