National Lampoon Inc. said Wednesday that it has acquired the Web site CollegeHangover.com for an undisclosed sum.

CollegeHangover.com, launched in 2005, allows users to browse and contribute to galleries of user-submitted photos and videos. The site is moderated by college student editors, who also post their own original photos and videos.

Prior to the deal, CollegeHangover was part of the Drunk University Network, which is operated by National Lampoon.

“CollegeHangover has been a strong partner in our Drunk University Network, and we have enjoyed working with founder Chad Huntley,” said National Lampoon’s Chief Executive Daniel Laikin. “Its content has been very popular with National Lampoon’s college age fans, and we are excited to expand our relationship with the site.”

Shares in National Lampoon dropped 7.6 percent to $1.94 in afternoon trading Wednesday on the American Stock Exchange.