It's hard to laugh after you announce plans to jettison significant portions of your media empire. But IAC Chairman Barry Diller is doing just that. After saying that he would spin-off many of IAC's underperforming divisions into five separate companies to focus on digital, Diller has announced the launch of 23/6 a comedy news site IAC launched in conjunction with the Huffington Post.

The site, which will offer political satire with a fake news tone, will draw on Huffington post bloggers, and former writers from "The Daily Show With Jon Stewart" and "The Simpsons."

IAC, which already has CollegeHumor.com and Very Short List, already has some background in digital comedy. IAC will use both sites to promote 23/6, which it expects to compete with comedy giants like The Onion.