Exclusive:

Two weeks ago, Playboy Enterprises reported a nearly 20% decline in fourth-quarter profits. At the time, CEO (and PEI Chairman) Christie Hefner had to say:

While the year clearly has been challenging for the domestic TV and magazine businesses, growth in our licensing, online, international TV and mobile initiatives support our belief that these businesses will drive the company's performance going forward.

Not so, says our tipster on the inside. According to our source, Playboy bigwigs will be meeting at 3pm (Pacific time) to inform their underlings that the entire department (or very close to it) is being laid off.

Says our snitch:

"The word came down today. Its basically closing down the whole network. Executive Vice President, Sol Weisel, over 25 years at Playboy, gone…Everyone is gone, Dan Smith, Tom Furr, tons of VPs..anyone on staff is being released and freelancers don't know whats going on yet. They will be assembled at 3pm (Pacific time) today and be told details. Playboy TV is dead."

Hear anything else? Be sure to tip us off. Meanwhile, we'll try and gently break the news to our porn-addicted brother, Queerty.