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Funny or Die has a new owner.
Designer, philanthropist and former Democratic National Committee finance chair Henry R. Muñoz III has acquired the digital comedy studio and branded content maker. The deal includes FOD’s library, social media assets and longform slate. Terms weren’t disclosed.
Muñoz bought Funny or Die from a group of stakeholders that includes AMC Networks, Turner Entertainment and venture firm Sequoia Capital, which was an early investor. Will Ferrell, who co-founded Funny or Die with Adam McKay and Chris Henchy, will serve as an adviser and continue to collaborate with the company.
Funny or Die and Muñoz collaborated on a CBS special, Essential Heroes: A Momento Latino Event, in October 2020 (Muñoz is a co-founder of Momento Latino). Following the special, Muñoz began talking about other ways to work with Funny or Die, eventually leading to his purchase of the company. He will be the sole owner and chairman.
“The future of comedy and entertainment is in companies that empower talent and creative forces to make content that reflects the cultural identity of our country at this moment in our history,” said Muñoz. “Funny Or Die’s own rich history as a place of innovation and as a voice of new generations speaks for itself and our team led by [CEO] Mike Farah is poised to seize this unique moment.
“I understand the responsibilities of owning a brand like Funny Or Die and I am excited to work with our team to make sure we have the resources we need to develop funny, original and diverse new content. I also understand the importance of being one of the very few Latinos in a position like this in the entertainment industry and I will do my best to make my community, our industry and our country proud as we move forward.”
Farah will continue as CEO of Funny or Die. CFO Michele Rosette will also remain with the company, and Joe Farrell, who oversees FOD’s longform projects, has been promoted to chief creative officer.
“With his unique background in social activism and business, Henry is the perfect person to guide FOD into the future,” said Farah. “From our co-founders Will Ferrell, Adam McKay, Chris Henchy and Judd Apatow, to the thousands who have worked with us over the last 14 years, so many talented people have made FOD the special place it is. The company is in great hands with Henry, and he’s brought a new sense of purpose to our mission to empower original, authentic creators in comedy and beyond.”
Funny or Die’s long-form productions Paramount+’s No Activity and For Heaven’s Sake, Netflix’s History of Swear Words and the recently wrapped Brockmire on IFC. It’s also behind the forthcoming Guilty Party, starring Kate Beckinsale, on Paramount+. Muñoz’s purchase of the company will allow it deficit finance some projects.
LionTree served as financial adviser on the deal. Stubbs Alderton & Markiles, LLP served as legal adviser to Funny Or Die.
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