Barry Diller's IAC Corp. announced this morning it had bought a majority stake in the parent company of CollegeHumor.com. Though terms were not disclosed, we hear the price tag was "slightly above $20 million" — not too bad for a site that generates 200 million page views by quoting from the Will Ferrell canon and posting user-submitted pics of the "wacky" elderly.

Via the release:

IAC Acquires Controlling Interest in Connected Ventures, LLC, Parent of Leading Comedy Site CollegeHumor.com

NEW YORK, Aug. 15 /PRNewswire-FirstCall/ — IAC/InterActiveCorp (Nasdaq: IACI) announced today that it has acquired a 51% stake and full voting control of Connected Ventures, LLC, parent of leading comedy site CollegeHumor.com. Terms of the transaction were not disclosed. CollegeHumor is the first site to join IAC Programming, launched earlier this year to buy and build branded online content properties that engage passionate communities.

Could the Onion be next?

The full release:

IAC Acquires Controlling Interest in Connected Ventures, LLC, Parent of Leading Comedy Site CollegeHumor.com

NEW YORK, Aug. 15 /PRNewswire-FirstCall/ — IAC/InterActiveCorp (Nasdaq: IACI) announced today that it has acquired a 51% stake and full voting control of Connected Ventures, LLC, parent of leading comedy site CollegeHumor.com. Terms of the transaction were not disclosed. CollegeHumor is the first site to join IAC Programming, launched earlier this year to buy and build branded online content properties that engage passionate communities.

CollegeHumor delivers comedic content, including videos, pictures, articles and jokes to its core audience of college students and recent graduates. Attracting more than 6 million monthly unique users and generating more than 200 million monthly page views,* the site provides online advertisers across a variety of categories with an efficient vehicle for reaching the desirable young adult demographic.

"With its distinct brand of humor, CollegeHumor has emerged as a viral success with an enormously loyal audience among young adults," said Michael Jackson, President of IAC Programming. "The founders have done an outstanding job of growing the business by appealing to a well-defined audience with a consistent voice and sensibility. Their entrepreneurial spirit is a welcome addition to IAC's Programming efforts, and we look forward to working with them to drive growth of CollegeHumor as well as other opportunities."

CollegeHumor founders Josh Abramson and Ricky Van Veen will continue to oversee the Connected Ventures operations. The Company recently released the book The CollegeHumor Guide to College and is developing a film for Paramount Pictures. Through Connected Ventures they also operate a number of other successful online content and retail brands including BustedTees.com, a retail business aimed at the CollegeHumor.com demographic.

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

Allen & Company acted as financial advisor to Connected Ventures during this transaction.

* Nielsen Site Census

About Connected Ventures, LLC
Founded in 1999 by Josh Abramson and Ricky Van Veen, Connected Ventures, LLC operates online content and retail properties, including leading comedy site CollegeHumor.com. Connected Ventures is based in New York City.

About IAC/InterActiveCorp
IAC operates leading and diversified businesses in sectors being transformed by the internet, online and offline... our mission is to harness the power of interactivity to make daily life easier and more productive for people all over the world. To view a full list of the companies of IAC please visit our website at http://iac.com.