There is a bit of a twist to this change of "name" at Failbooking.com because a lawsuit was filed when the domain owner of Failbook.com iframed Failbooking.com when offering Failbook.com for sale at $50,000. This upset Ben Huh, the owner of Failbooking.com and the Cheezburger network.

Ben states in a blog post at BenHuh.com about the lawsuit filed in February 2010 shortly after Failbooking.com launched:

"The problem wasn’t the domain name, but that he was trying to confuse and defraud our users by marketing the content and site as his own and profit from it."

I wasn’t able to find any documents for the lawsuit that was filed since that started but Ben did update his post with:

"We’re working on a settlement that should be a win-win. Wow, that was fast."

Ben made his posting on 2/16/2010 and the update was undated.

Whois records indicate that Pet Holdings Inc. (owner of the Cheezburger network) become the owner of Failbook.com on 3/12/2010 and a posting on Failbooking.com confirmed yesterday (4/1/2010) of the name change and face lift of the site. I feel pretty strongly this was no April Fool’s joke with the "redesign" and the name change. The old domain Failbooking.com simply forwards (redirects) to the new "better" domain name Failbook.com .

It is currently unknown if the domain name was simply handed over as a result of the lawsuit, was paid for in some way by Pet Holdings Inc. etc.