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Bloomberg Terminal Demo Request Bloomberg the Company & Its Products v Bloomberg Anywhere Remote Login Bloomberg Q Search E Menu Sign In Subscribe Deals IAC to Sell CollegeHumor, Which Will Cut Most of Its Workers By Ed Hammond, Nabila Ahmed, and Liana Baker January 8, 2020, 1:18 PM EST Most Read Longtime CH Media executive Sam Reich to acquire the business IAC will keep minority stake in slimmed down company BUSINESS Boeing 737 Bound for Ukraine Crashes Near Tehran, Killing 176 Barry Diller's IAC/InterActive Corp. plans to sell CH Media, the parent of LISTEN TO ARTICLE CollegeHumor and other digital brands, to the unit's chief creative officer, in MARKETS 2:29 Stocks Rise, Oil Drops But Iran Jitters Remain: Markets Wrap a move that will cause most employees to lose their jobs. SHARE THIS ARTICLE updated 2 hours ago Terms of the sale to longtime CH Media executive Sam Reich were not Share disclosed in a statement Wednesday. IAC will keep a minority stake in the BUSINESS Tweet Carlos Ghosn Goes on the Offensive in business, according to a person familiar with the matter. First Appearance Since Escape Post Email As part of the deal, the unit will restructure and lay off 100 employees in BUSINESSWEEK A $1 Billion Solar Plant Was Obsolete New York and Los Angeles, leaving the business with around five to 10 In this article Before It Ever Went Online people, said the person, who asked to not be identified because the information is private. NFLX BUSINESS NETFLIX INC Boeing Jet That Crashed in Iran Was 339.26 USD A +8.51 +2.57% Predecessor to 737 Max "IAC, our parent company, has made the difficult decision to no longer finance us," Reich said in a statement provided to fans and Bloomberg. MTCH MATCH GROUP INC 85.05 USD A +1.23 +1,47% "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." The once high-flying comedy brand, best known for its edgy sketches and satire, is the latest victim of a fast-changing digital media landscape. Sites that rely on video have struggled to get enough advertising revenue, and streaming services such as Netflix Inc. have pushed deeper into comedy in recent years. "Sam was the best choice to acquire CH Media and define its next chapter," IAC said 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." IAC has owned CollegeHumor since 2006, when it acquired a controlling stake in its parent company. Founded in 1999, CollegeHumor targets people aged 18 to 49 and has more than 15 million unique monthly visitors, according to its website. IAC acquired a controlling stake in its parent company in 2006. IAC had been looking to sell the unit since October, Bloomberg previously reported. CH Media owns Dropout, an ad-free streaming service for comedy videos featuring talent from CollegeHumor. IAC has been shifting its portfolio to focus on growth areas. It is pursuing a spinoff of one of its biggest moneymakers: Match Group Inc., which owns dating app Tinder. It agreed to buy caregiver marketplace Care.com last month for $500 million, including debt. Have a confidential tip for our reporters? GET IN TOUCH IAC owns more than 150 brands and products, including the video-sharing platform Vimeo and the Daily Beast news website. Diller, a billionaire media Before it's here, it's on the Bloomberg Terminal. mogul, is IAC's chairman. LEARN MORE Ad Choices D Terms of Service Contact Us Privacy Policy ©2020 Bloomberg L.P. All Rights Reserved Trademarks Careers Made in NYC Advertise Help

IAC to Sell CollegeHumor, Which Will Cut Most of Its Workers


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Uploaded Jan 08, 2020 at 06:35PM EST

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