Fans of CollegeHumor were stunned Wednesday Afternoon by news of massive layoffs in both the New York and La locations. Bloomberg reports that CollegeHumor Media’s parent company IAC has withdrawn its funding and is planning on selling the property over to its Chief Commercial Officer Sam Reich. This move has caused a restructuring that has laid off over 100 employees.
“So, bad news – with a twist. IAC, our parent company, has made the difficult decision to no longer finance us. Today, 100+ brilliant people lost their jobs, some of whom are my dear, dear friends. Hire them.
The twist, however, is that IAC has agreed to let me run with the company myself. In words that I’m sure are as surreal to read as they are to type, I will soon become the new majority owner of CH Media. Of course, I can’t keep it going like you’re used to. While we were on the way to becoming profitable, we were nonetheless losing money — and I myself have no money to be able to lose.”
Reich has gone on to ensure that fans will not have to worry about content for a little while as they have 6 months’ worth of material still to present. During that time he goes on to say…
“In these six months, I hope to be able 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.”
Overall this is a sad turn of events for 20-year-old site. There was so much amazing content by truly talented people and it would be a shame to see it all go. Whether Reich can manage and claw CH out of this set back only time will tell.
How does this affect You? Were you a fan? Will there be shows you will miss? Leave a Comment Below.