What is Eric Bauman's Net Worth?
Eric Bauman is an American internet entrepreneur who has a net worth of $5 million. Eric Bauman is best known for being the founder and former owner of the humor website eBaum's World. Founded in 2001 when he was still in high school eBaum's World was one of the largest non-adult video sites on the internet at its peak, roughly 2003 – 2005. A precursor to YouTube, Bauman was accused of infringing on copyrights by dozens of individuals and businesses, including Viacom, Something Awful, Break.com and YTMND.com. Before the sale, the website was set to inspire a new TV show with USA and Fox that quickly became embroiled in controversy. Later, G4 TV's "Web Soup" teamed up with the site to create the third season of "This Week in FAIL." At the site's peak, Bauman signed book deals and licensing deals to provide content to cell phones. The business at one point employed roughly 30 people operating out of 19th-century farmhouse in Rochester, NY.
Eric owned the site along side his father Neil Bauman through 2007 when it was acquired by a company called HandHeld Entertainment.
Today eBaum's World is owned by Literally Media, which also owns Know Your Meme, Cracked.com and Cheezburger.
HandHeld Acquisition
In August 2007 Eric and Neil reached a deal to sell eBaum's World to a company called HandHeld Entertainment, which was owned by parent company ZVUE Corporation. HandHeld was partially owned by Carl Page, the brother of Google co-founder Larry Page.
In the year prior to the sale, eBaum's World generated $5.2 million in revenue and $1.6 million in profit.
Eric and Neil reportedly sold eBaum's World for $17.5 million, which was paid as $2.5 million worth of then-publicly traded HandHeld stock + $15 million in cash. If those numbers are accurate, Neil and Eric as co-owners would have each received $7.5 million pre-tax, roughly $4 million after tax.
They were also set to receive significantly more money in the form of bonuses and earnouts. The earnout total could have reached as much as $52.5 million over a three year period if various goals were met.
Firing
Unfortunately, neither Eric, nor Neil received substantially any more money from HandHeld. Within six months, Bauman claimed he had been fired by ZVUE Corporation along with his original staff members. He also accused the new owners of continuing to use his likeness in order to make it appear that he was still affiliated with the website.
Not long after being fired, Eric launched a new site called ebaum.tv which is no longer operable.
Neil Bauman Bankruptcy
In July 2015 Neil Bauman, a former financial planner, reportedly filed for Chapter 7 bankruptcy. Neil had apparently used much of his eBaum earnings over the years to invest in property in Rochester, NY, where the company was originally headquartered and where the Bauman family lived. Unfortunately, many of the commercial real estate assets were acquired prior to the 2008 economic crisis, and the wake of the financial upheaval put Bauman on his heels, financially.
Better Than Pants LLC
In September 2006, Eric founded a company called Better Than Pants LLC which sells funny t-shirts. At one point the venture also operated a store in Webster, NY.
AllCars.com
In August 2019, Eric founded AllCars.com, a website where people can buy and sell cars.
