National Lampoon

National Lampoon, Inc. is a company formed in 2002 in order to use the brand name "National Lampoon" in comedy and entertainment following the tradition of its magazine predecessor, The National Lampoon. In the words of its prospectus, the role of the company was to "develop, produce, provide creative services and distribute National Lampoon branded comedic content through a broad range of media platforms."[citation needed] Since 2002, the company has overhauled its corporate infrastructure several times, with former CEOs Dan Laikin and Tim Durham being convicted of financial crimes related to the company. In 2002, Dan Laikin and Paul Skjodt bought J2 Communications, license holder of the National Lampoon brand, and renamed the company National Lampoon, Inc. Laikin's relationship with J2 Communication CEO James P. Jimirro was contentious. During this period, the surprise success of National Lampoon's Van Wilder (2002) validated Laikin's belief in the brand's potential. However, ongoing conflicts drained resources and demoralized staff. Eventually, Laikin and Jimirro reached a compromise to share control, but the dual leadership structure was confusing and demoralizing for employees. Jimirro stayed on as National Lampoon, Inc. CEO until January 2005. Laikin initially viewed his investment in National Lampoon as short-term but became more hands-on. He attempted to recapture the spirit of the original magazine from its 1970s heyday. According to a 2017 Vanity Fair article: Laikin retained Matty Simmons, National Lampoon’s founding publisher, to develop projects from the archives and reach out to alumni from the golden age. Laikin got Chris Miller, who’d written the original stories that became Animal House, to serve on a creative advisory board, and also got in touch with Tony Hendra, who’d edited the magazine for a few years and produced Lemmings. Laikin focused on expanding the brand, acquiring Burly Bear Network in September 2002 and renaming it the "National Lampoon College Network". He initiated original programming, including a reality show starring Bridget "the Midget" Powerz. The company rebranded, secured deals, and explored various media projects. Laikin's inclusive hiring practices supported young talent, though the company faced financial losses, with Laikin and investor Tim Durham covering costs. Despite growth, the company struggled to become profitable, losing millions annually: "In 2003, the first full year under Laikin’s half-control, the company lost $5.9 million. In 2004, it lost another $5.1 million. When cash flow was insufficient to cover payroll, Laikin would reach into his own pocket." During this period, the National Lampoon office was a chaotic mix of beautiful women, D-list celebrities, and quirky characters, resembling scenes from the company’s own films. The workplace included "scanner girls" pretending to archive old issues, frequent celebrity cameos, and recurring roles for the likes of Dennis Haskins and Kato Kaelin. Laikin hired friends and gave opportunities to many, fostering a unique but financially unstable environment. Despite the eccentricity, there was a strong sense of camaraderie among the staff, who admired Laikin's dedication and felt deeply loyal to him, despite the company losing millions annually. Laikin's outsider status, however, made it difficult to attract top talent. Missteps included misjudging the influence of Matty Simmons and struggling with ineffective business strategies. The company’s outdated technology, poor financial decisions, and misaligned projects like National Lampoon Presents Dorm Daze further hindered success. Despite some minor wins, Laikin's reliance on dubious partners and failed branding initiatives led to substantial losses. The company continued to lose millions. Late in 2005, Laikin moved the National Lampoon offices to Sunset Boulevard, aiming to centralize in Hollywood, but insiders saw it as a rookie move. In 2006, the company launched a comedy radio station, and in 2007 it heavily invested in original content such as movies and stage shows. Despite attempts to stabilize by raising $10 million, the company still relied heavily on licensing and produced subpar films. Financial troubles mounted, and by 2008, the company faced plummeting stock and threats of de-listing. In the spring and summer of 2008, Lakin desperately engaged in a stock manipulation scheme. In December 2008, federal prosecutors in Philadelphia filed charges against Laikin, with accusations that he and two third-party stock promoters attempted to artificially inflate the company's stock price. Laikin stepped down as CEO, succeeded by top investor Tim Durham. Laikin pleaded guilty on September 23, 2009, to his role in a conspiracy to manipulate the stock price from March through June 2008. In September 2010, a Philadelphia court sentenced him to 45 months in prison. Meanwhile, Durham replaced Laikin as CEO, initiating significant changes. He shut down divisions, ceased royalty payments to The Harvard Lampoon, and sued Warner Bros. for owed funds. Durham's leadership saw layoffs, reduced salaries, and delayed payroll. Despite cost-cutting, however, the company reported a $6 million loss in 2009. Durham lived lavishly, renting a mansion and dating a former Penthouse Pet. He engaged Ludacris for projects and pursued Hollywood connections, but his questionable business tactics attracted scrutiny — the next year Durham was involved in a major Ponzi scheme. Durham's eventual arrest for looting millions led to house arrest but did not at first deter his control of the company. In 2012, however, Durham was sentenced to 50 years in prison. In 2012, Alan Donnes, a former stand-up comedian, took over as CEO of National Lampoon, Inc. Released from prison, Laikin returned to the company, although he was restricted from executive roles. He clashed with Donnes, leading to failed attempts to fire each other. Legal battles ensued over funds linked to Durham's Ponzi scheme. Eventually, National Lampoon settled with Laikin and sued Durham for embezzlement. Donnes attempted to revitalize the company, distancing it from past controversies and focusing on podcasts and mainstream deals. In July 2017, PalmStar Media purchased all the assets of National Lampoon, Inc., including the trademark and its library of print, audio, film, and video content. In 2019, National Lampoon named Evan Shapiro, formerly of NBCUniversal Media Group, as its president, in hopes of resuscitating the brand. He was laid off in 2020, with the company suing Shapiro for fraud, alleging in New York federal court that he owed more than $3 million for surreptitiously funneling the company's intellectual property and money from deals with Quibi, Disney+, and Comedy Central Digital into companies he controlled. Shapiro later claimed that National Lampoon Co-CEO Kevin Frakes had bullied him out of a job. National Lampoon, Inc. releases humor books and material under the umbrella of National Lampoon Press, with distribution by Holtzbrinck Publishers. These include republished collections of old National Lampoon magazine material, including True Facts, Foto Funnies, cartoons, etc. from the 1970s and 1980s. (From 2002 to 2005, the company rereleased old material under the name National Lampoon Books, which was an imprint of Rugged Land, LLC.) After its purchase by J2 Communications in 1991, the National Lampoon franchise became predominately a name-licensing company with no creative input, in which the company was paid for use of its brand on titles such as Loaded Weapon 1 (1993), National Lampoon's Senior Trip (1995), National Lampoon's Golf Punks (1998), Van Wilder (2002), Repli-Kate (2002), National Lampoon's Blackball (2003), and National Lampoon Presents: Jake's Booty Call (2003). When the company was purchased from J2 Communications, this practice was eventually discontinued. Under the new ownership, the company began to purchase independent films and release