Sells for $39 million to E.W. Scripps

Demand Media sells the humor site to “drive profitable growth moving forward”

Demand Media is selling humor site Cracked to E.W. Scripps for $39 million.

Cracked was founded in 2005, but the brand had preexisted in magazine form since 1958. The comedy site has 40 employees, and generated $11 million in revenue last year, according to re/code.

The cash sale “significantly strengthens our balance sheet, and positions us to drive profitable growth moving forward,” Demand CEO Sean Moriarty said in a statement.

Scripps started in 1878 as a newspaper company and last year purchased podcasting producer/distributor Midroll for at least $50 million.