Popular online media brand Collegehumor has met with financial trouble, it seems, according to a Twitter announcement earlier this month by Sam Reich, CCO of the brand. IAC, the parent company of Collegehumor, has decided to cut off funding for Collegehumor, leaving them no choice but to downsize. As a result, over 100 Collegehumor employees were laid off.
"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," said Reich in the January 8 Twitter thread, "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."
Reich goes on to say that the company has 6 months of content already lined up for subscribers to their premium service, Dropout. The subscriber platform will also get a new update at the end of the month, he explains, including international Discord access and downloads. Despite Reich's admission that the company is losing money, they clearly still plan to try and continue working through the loss of their main source of funding.
"I will, however, do my very best to stay true to the talent, shows, fans, and principles that got us where we are today," said Reich, "We dropped out once before; we can do it again. Independent comedy lives on -- just now more independent (gulp) than ever before."