TBS Takes Minority Stake in Funny or Die

TBS has taken a minority stake in Funny or Die, and the Time Warner unit will manage ad sales for the digital company founded five years ago by Will Ferrell, Adam McKay and Chris Henchy.

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Terms of the deal weren't disclosed, though published reports indicate that TBS has acquired as much as 10 percent of Funny or Die.

"We're thrilled by our acquisition of Turner," McKay joked. "We're now taking a long hard look at Viacom."

Funny or Die also will partner with TBS, as well as Time Warner's Adult Swim cable entity, on content creation and distribution across television and mobile devices.

Dick Glover, Funny or Die's president and CEO, said the partnership will better allow "brands and advertisers to create far-reaching, hilariously funny cross-platform content and messaging."

Funny or Die says that 16 million users visit its site monthly and video views exceed 60 million a month.

"We're investing in Funny or Die because we can take their great content and give it a wider audience through the incredible reach of TBS," said Steve Koonin, president of Turner Entertainment Networks.