(Bloomberg) -- Funny Or Die, a 14-year-old attempt by Will Ferrell and other stars to bring comedy into the social-media age, will be sold to philanthropist Henry R. Munoz III for an undisclosed sum.
Munoz is acquiring the Funny Or Die brand, library and social-media accounts, which have more than 40 million followers. The move follows the loss of several key executives and employees to Roku Inc., which forged an agreement in March to create a Funny Or Die branded-entertainment division.
“The entertainment industry has only really touched the surface in showcasing diverse funny voices from all over this country,” Munoz said in a statement. “There is no reason why Funny Or Die, which has created so much influential, iconic comedy since it began 14 years ago, can't be a leader in bringing more of those voices to the table.”
Online comedy has been a tumultuous business. Even the iconic
Onion site has struggled and changed hands multiple times,
including a sale to private equity firm Great Hill Partners in 2019.
Munoz will now be the sole owner of the company, which was previously owned by stakeholders including AMC Networks Inc. and Sequoia Capital.
Munoz will become the company's chairman, and the chief executive officer and finance chief of the company will remain the same. Ferrell, famed for “Saturday Night Live” and movies like “Talladega Nights,” will continue advising and creatively collaborating with Funny Or Die.
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