Barry Diller’s InterActive Corp. is selling CHMedia, parent of CollegeHumor and a portfolio of related brands, to CH chief creative officer Sam Reich. The transaction will result in more than 100 layoffs.
All but a handful of employees at the once-pioneering satire and online video purveyor were told Wednesday they are being let go, according to emails from employees and tweets from Reich. In a Twitter thread, Reich signaled optimism about keeping CollegeHumor afloat, along with sister brands like Dropout and Dorkly, but he indicated the scale and economics would be quite different at first.
“I can’t keep it going like you’re used to,” he wrote. “While we were on the way to becoming profitable, we were nonetheless losing money — and
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