J2 Communications will change its name to National Lampoon as part of an agreement under which Daniel S. Laikin will acquire all J2 shares owned by its president and chief executive officer, Jim Jimirro.
Jimirro will step down as president and CEO under the agreement.
Laikin said he intends to expand the National Lampoon label into film, TV, radio, DVD, CD-ROM, Web syndication and book publishing.
Deal will allow Laikin and other execs to buy additional shares directly from National Lampoon and under some circumstances allow them to make a tender offer for the purchase of all outstanding company shares.
Laikin also announced that Errol Gerson, former director of new media at CAA, will join the company’s board of directors.
Deal is scheduled to close within 90 days.
“National Lampoon is one of the biggest and most beloved comedy brands of all times,” said Laikin, a J2 board member and managing partner of Four Leaf Management.
Company is known for its magazine as well as the pic “Animal House” and the “Vacation” film series.