“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,” said Reich, a longtime executive at CollegeHumor. “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.”
Dropout, its streaming service, will continue for at least the next six months while it churns out content already slated for release, Reich said. The future of CollegeHumor itself, and other humor sites run by the company, are less certain.
“In these six months, I hope to be able to save Dropout, CollegeHumor, Drawfee, Dorkly, and many of our shows,” Reich said. “Some will need to take on bold new creative directions in order to survive.”
The CH Media staff contracted from more than 100 to between five and 10 employees, according to Bloomberg News.