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Humor magazine CRACKED, a competitor of MAD Magazine, has been purchased by a group of investors looking to revive the brand. The new company will be called Cracked Entertainment, Inc., and will be based out of New York. The magazine will be overhauled, from editorial to publishing schedule, according to new publisher and CEO Monty Sarhan. Additionally, Cracked Entertainment will tune into the media of today, looking towards the production of television and Internet content.