Sketch comedy giant CollegeHumor just celebrated its 20th year online. But can the brand survive much longer now that its owner is showing it the door?
According to tweets from longtime executive Sam Reich, the site is now fighting for its life. CollegeHumor’s parent company, IAC—which also owns Match Group—is bailing on the business, leaving it with as few as five employees, Bloomberg reports. According to Reich, “100+ brilliant people lost their jobs” as a result of the decision.
Going forward, Reich says, “IAC has agreed to let me run with the company myself.” Now the majority owner of CH Media, Reich says he hopes “to save Dropout, CollegeHumor, Drawfee, Dorkly, and many of our shows. Some will need to take on bold new creative directions in order to survive. You may not agree with all of them. And this won’t be the last time I ask for your support,” he said.
IAC hasn’t explained why it decided to abandon the brand, and neither party has disclosed the terms of the deal, but according to Bloomberg, a sale has been in the cards for a while now. Reich said on Twitter that the media company was “on the way to becoming profitable” but was “nonetheless losing money” under IAC’s wing. He added, “and I myself have no money to be able to lose.”
Fast Company has reached out to IAC for more information on its decision.
“I need your support now more than ever,” Reich tweeted. The new owner asked fans of CollegeHumor to subscribe to Dropout, CH Media’s paid video subscription service.