Henry Muñoz, a former Democratic National Committee finance chair, on Wednesday announced his acquisition of Funny Or Die, the comedy website and production company founded by actor Will Ferrell.

Muñoz, a designer, art collector and philanthropist who's one of the main backers of the Smithsonian National Museum of the American Latino, will be Funny Or Die's sole owner. He will own the brand and its content library as well as its social media properties.

“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,” Muñoz said in a statement.

“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 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," Muñoz added.

Funny Or Die was founded in 2007 by Ferrell and three partners, including producer Adam McKay, and debuted with a now-famous Ferrell sketch, "The Landlord."

Muñoz is acquiring the business from current stakeholders, including AMC Networks, Turner Entertainment and Sequoia Capital.

In 2018, McKay stepped away from Funny Or Die, and in 2019, McKay and Ferrell announced they were dissolving the site's parent company, Gary Sanchez Productions.

The comedy website has produced renowned shows, including "Between Two Ferns," which has hosted top names in the political world, including former President Obama.

"With his unique background in social activism and business, Henry is the perfect person to guide FOD into the future,” said Funny or Die CEO Mike 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,” added Farah.

Ferrell is expected to continue to collaborate with the site and remain as an adviser; Muñoz will take over as chairman, while Farah will remain as CEO.

Under Muñoz's ownership, the outlet will be able to deficit finance certain projects, according to the release.

Muñoz, who was the first Latino and first openly gay person to run the Democratic Party's finances, is stepping into a business that's often been criticized for its lack of diversity at the ownership level.

"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,” said Muñoz.

Muñoz began his collaboration with Funny Or Die in 2020 as part of his Momento Latino campaign, and has long been an advocate for diversity in political representation and the arts.

"Funny or Die has always been a place where talented, innovative content creators have found their voices, now FOD will also be home to a new generation of independent storytellers who reflect the rising populations of our country," Muñoz told The Hill.

"I am so proud to own this studio to bring my lifelong quest for cultural representation to this moment in the entertainment industry."