Los Angeles, California-based CH Media, the parent organization behind CollegeHumor, a content creator that operates a humor website and YouTube channel, owned by Barry Diller’s IAC (InterActiveCorp), has announced the layoff of 100-plus employees after the company was informed that the parent will no longer the subsidiary.
IAC has sold off a majority stake in CollegeHumor to CH Media’s chief creative officer Sam Reich.
According to Reich, “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. 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. 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, Long story short, I need your support now more than ever. The #1 way you can support me is to stay subscribed to Dropout. We have six months’ worth of content still to release: Dimension 20, Um, Game Changer, Breaking News, and more.”
After the reduction in force, the company will be left with a team of between five and 10 people and IAC will maintain a minority stake in the company.
According to an IAC spokesperson, “Sam was the best choice to acquire CH Media and define its next chapter. The decision places CH Media with an owner who is beloved by fans, passionate about the business and sees a future we believe in."
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?