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Paramount Signs Will Ferrell and Adam McKay’s Gary and Gloria Sanchez Pods to Overall Deal

First look agreement locks comedy team and producer Jessica Elbaum into three-year deal

Comedy shops Gary Sanchez and Gloria Sanchez Productions have signed an overall first look deal with Paramount Pictures, the studio announced Wednesday.

Run by comedian Will Ferrell, Oscar-winning writer and director Adam McKay and producer Jessica Elbaum, the companies are behind hits like the “Anchorman” franchise, “Step Brothers” and indies like Leslye Headland’s “Bachelorette’ and “Sleeping With Other People.” The library has grossed nearly $1 billion at the worldwide box office.

“Adam and Will are among the most influential and innovative comedic minds of our time, and we couldn’t be happier to welcome back the strong partnership that the studio enjoyed with them in the past and will continue to nurture and grow for years to come,” Wyck Godfrey, president of Paramount’s Motion Picture Group, said in a statement.

“We’ve had a lot of success at Paramount in the past. In fact, our very first deal was there many years ago. So, when Jim and Wyck took over and made it clear they were serious about making movies, all kinds of movies, we knew it was time to go back.,” McKay added.

“To say we are excited is an understatement. But I’m going to say it again. WE ARE EXCITED!!! EXCITEMENT!!! Can you feel it???” said Ferrell.

Deal terms give the studio right of refusal on projects for three years. The Sanchez creative team includes producer Kevin Messick (“Ibiza,” “Succession”), Chris Henchy (“The Other Guys,’ “Daddy’s Home”) and Robyn Wholey, with Owen Burke (“Drunk History”) and Betsy Koch in the TV department.

Deadline Hollywood first reported the deal.