posted November 17, 2014 02:51 PM
Funny or Die Hires Investment Bank to Evaluate Potential Sale
Comedy website Funny or Die has brought in experts to evaluate interest from potential buyers. CEO Dick Glover sent an email to staff on Tuesday afternoon that indicates the company has received inbound interest from a number of suitors and is exploring its options. In the email, Glover notes that the activity surrounding the online video space following the recent sales of Maker Studios, Fullscreen and StyleHaul and investments in Vice and BuzzFeed has led Funny or Die to receive "unsolicited interest from a number of companies." Glover continues: "We are not trying to sell Funny or Die, but we thought it wise to engage some experts to help us evaluate the situation. In the meantime, if any of you mistakenly receive a briefcase full of cash, please bring it to my office immediately." Bloomberg earlier reported that Funny or Die has hired investment bank Moelis & Co. to evaluate options and reach out to potential buyers. Funny or Die was founded in 2007 by comedian Will Ferrell, screenwriter Adam McKay and producer Chris Henchy as a site for short-form comedy. Since launching with The Landlord starring McKay's young daughter, the company has become known for its signature one-off, celebrity-driven clips. It has also found viral success with series Between Two Ferns with Zach Galifianakis. In 2008, HBO took a less than 10 percent stake in the business — which was incubated by CAA and is also funded by SV Angel and Sequoia Capital — and Funny or Die entered into an agreement to produce 10 half-hour episodes of Funny or Die Presents for the cable network. That relationship has continued, with HBO's Funny or Die-produced Sarah Silverman comedy special taking home an Emmy in August.