The article says the project has been on tap for some time; Sequoia made the pitch to CAA, which resulted in a partnership with Ferrell, McKay and Gary Sanchez executive Chris Henchy.

Ferrell and McKay employed their alter ego, Gary Sanchez, to talk about their first foray into original Web content.

Sanchez, an enigmatic character described as a Paraguayan ex-NFL player who sounded on the phone awfully like McKay with a Spanish accent, said that video starring Hollywood heavyweights will appear regularly in the "featured" section of FunnyOrDie, but "the meat and cabbage of the site will be the real peoples."

He added that the site's principals will regularly scour the site to look for new talent who will then be whisked away and "put on a private jet to Paraguay."