College Humor Lays off 100+ Employees, CCO Sam Reich Named New Owner of Company

College Humor has been an innovative platform for online comedy since 1999, but a recent sale that resulted in over 100 layoffs at the company might signal the end times for the site. But instead of dissolving the entire staff and site, InterActiveCorp., the New York based company-that has owned College Humor since 2006, sold the company to Sam Reich, the chief creative officer of the site, and allowed a handful of employees to remain on staff.

“Sam was the best choice to acquire CH Media and define its next chapter,” said a representative of IAC in a statement. “The decision places CH Media with an owner who is beloved by fans, passionate about the business and sees a future we believe in.”

Reich penned a Twitter thread to explain the details of the situation, and also to clarify that while the site is saved for now, there is still a dire need for patron support and crowdfunding:

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.