Sale to Cost CollegeHumor Nearly All of Its Employees

The sale of its parent company has pulled the rug out from under CollegeHumor. Once IAC/InterActive has turned over CH Media to Sam Reich, a longtime executive, about 100 employees will be gone and five to 10 will be left, Bloomberg reports. IAC, which also owns Vimeo and the Daily Beast, quit bankrolling the comedy site. "While we were on the way to becoming profitable," Reich said, "we were nonetheless losing money — and I myself have no money to be able to lose." Many video sites are struggling to collect sufficient advertising revenue. CollegeHumor says it has more than 15 million unique visitors per month. Its parent company also owns Dropout, a comedy video streaming service without ads.

IAC said the sale "places CH Media with an owner who is beloved by fans, passionate about the business and sees a future we believe in." Reich's first move was to ask for help, telling fans "this won't be the last time I ask for your support." His plan, per Verge, is to try to save Dropout, CollegeHumor, Drawfee, Dorkly "and many of our shows." CollegeHumor has been around for 20 years and has been owned by IAC since 2006. (More CollegeHumor.com stories.)