The long-running comedy outlet CollegeHumor has cut nearly its entire staff as its parent company decided to no longer fund the website.

Sam Reich, CollegeHumor's COO, acknowledged the company's troubles on Twitter, announcing that media company IAC decided to "no longer finance" the site, leading to over 100 cut jobs. However, he did stress a "twist" amid the bad news.

"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," Reich began. "The twist, however, is that IAC has agreed to let me run with the company myself. 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."

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Reich urged fans to remain subscribed to the comedy platform Dropout, promising at least six month's worth of content that has yet to be released. Despite expressing optimism, he did admit that other branches of CollegeHumor media will need "bold new creative directions in order to survive."

"I will, however, do my very best to stay true to the talent, shows, fans, and principles that got us where we are today," Reich continued. "We dropped out once before; we can do it again. Independent comedy lives on -- just now more independent (gulp) than ever before."

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CollegeHumor was launched in 1999 and featured both in-house and user-submitted content, including funny videos, images and articles. Notable comedians that contributed to the site include Paul Scheer, Amir Blumenfeld and Judah Friedlander.

It was acquired by IAC in 2006.