He wants to take the lessons of developing hit Internet video and try and bring that to TV. That includes its knack for the zeitgeist, cost efficient production capabilities and online expertise. The focus will be unscripted programming, broader than comedy aimed at young males that they have been known for, and will include all genres. The first production effort should come to light by fall this year, Van Veen said. The company will be funded out of IAC’s huge cash chest ($2 billion) that it is sitting on.

The new team has just started working on it, and will move into a newer office (along with other ConnectedVentures companies) soon. Van Veen’s fellow CH co-founder Josh Abramson will remain at CollegeHumor and oversee its operations, as well as those of other CollegeHumor Media sites. Van Veen will report directly to Barry Diller, which shows you they are serious about this venture. It will be tough in a highly competitive field, and jumping from short form vid clips to broader world of TV is fraught with lots of uncertainties. But if anything they have Diller’s vast TV/movie expertise behind them. Some details in release.