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IAC Buys Majority Stake in Parent Company of CollegeHumor.com

Associated Press
Published | Updated

NEW YORK – IAC/InterActiveCorp. (IACI) announced Tuesday that it bought a majority stake in the parent company of Collegehumor.com, the humor Web site that targets a college-aged audience and offers videos, games, photos and articles.

This is the first Web site to be added to IAC's portfolio as it builds its programming division, which was launched in January. Collegehumor.com attracts more than 6 million unique visitors a month and generates more than 200 million monthly page views, according to IAC.

The company declined to disclose the terms of the deal. IAC is getting a 51 percent stake and full voting control of Connected Ventures LLC, the Web site's parent company based in New York.

Collegehumor founders Josh Abramson and Ricky Van Veen will continue to oversee the Connected Ventures operations.

"We are extremely excited to be joining the IAC family," Abramson said. "It's the perfect platform to help us take Connected Ventures to the next level, and enables us to exploit the many opportunities to gro CollegeHumor, as well as pursue other creative and entrepreneurial endeavors."

One endeavor the founders already started is Busted Tees, which is best described by its slogan, "Jokes you can wear! Funny T-shirts!"

Abramson and Van Veen are friends from the Baltimore area and started the humor Web site while in college. Abramson went to the University of Richmond, and Van Veen attended Wake Forest University.

The humor site features articles aimed at a college-age audience. Posted near the top of the section on Monday were stories such as "The REAL way to never get hired," and "How to not get hired at your internship."

In the Web site's R-rated section, visitors can click on links such as "That's illegal for a few reasons," and "Naked girl for no reason."

"With its distinct brand of humor, CollegeHumor has emerged as a viral success with an enormously loyal audience among young adults," IAC Programming President Michael Jackson said. "The founders have done an outstanding job of growing the business by appealing to a well-defined audience with a consistent voice and sensibility."