Everyone's getting excited about HBO taking a small stake in Will Ferrell's FunnyorDie.com Internet video site. But who's going to get the last laugh here?

Included in the deal, HBO has commissioned 10 half-hour shows from Funny or Die. The two entities expect to partner on a host of future projects under the deal ranging from live comedy tours that ForD is putting together to a ForD programming block on one of HBO's many, many channels.

Specifics of the 10-show block are being worked out, with speculation that some segments would be standalone entries while others are multiple installments revolving around the same concept or characters. It could be anything from a "funny offbeat talkshow" to "a show with puppets," said frontman Farrell to Variety.  

ForD's estimated value last year after its second round of VC money was around $100 million. HBO has bought some chunk of FoD, less than 10 percent, but nobody's saying just how much.

As a web property, Funnyordie.com has averaged 3.2 million unique visitors per month during the past few months as visitors have checked out Ferrell's short comedy videos with occasional appearances by Ferrell in them.

Funny or Die, which bowed in 2006 with backing from venture capital shingle Sequoia Capital, completed a second round of financing late last year that valued the company at $100 million.

More and more, big traditional media is cutting deals with smaller buzz-worthy Internet video ventures, placing bets on the future and working cross-promotional multi-channel deals touching broadcast and online properties.

For more:
- Variety reports on HBO investing in Funny or Die [1]

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