Comedy site Funny or Die has sold a minority stake to AMC Networks.
The deal is intended to strengthen the ties between Funny or Die and AMC’s IFC channel, according to The Hollywood Reporter, with IFC President Jennifer Caserta joining the site’s board of directors. (Funny or Die already produced the IFC series The Spoils of Babylon and the upcoming series Brockmire.)
Funny or Die was founded by Will Ferrell, Adam McKay and Chris Henchy in 2007 and launched popular series including Between Two Ferns, Billy on the Street and Drunk History. Earlier this year, President of Production Mike Farah was promoted to CEO. A few months later, Farah laid off 37 staffers and closed the company’s Silicon Valley office, saying the company needed to focus on producing comedy content.
This actually isn’t the first time Funny or Die has taken money from a larger media company — Turner made a strategic investment in 2002.