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Will Ferrell, Adam McKay to End Longtime Producing Partnership

Their Gary Sanchez Productions and Gloria Sanchez Productions banners will continue existing projects through completion

Longtime friends and producing partners Will Ferrell and Adam McKay have decided to go their separate ways professionally, TheWrap has learned.

Ferrell and McKay — who first met when they were both hired on “Saturday Night Live” in 1995 and are the creative minds behind films like “Anchorman,” “Talladega Nights,” and “Step Brothers” — are committed to working together on the lengthy slate of projects in development under their company, Gary Sanchez Productions, which was created 13 years ago with Chris Henchy,¬†an individual with knowledge of the situation tells TheWrap.

Ferrell and McKay’s Sanchez banner and its female-focused offshoot, Gloria Sanchez Productions, will continue with all existing projects through completion, with the producers attached to those films and TV series remaining in place, the individual says.

“The last 13 years could not have been more enjoyable and satisfying for the two of us at Sanchez Productions,” Ferrell and McKay said in a statement Saturday. “We give massive thanks to our incredible staff and executives and all the writers, directors and actors we worked with through the years. The two of us will always work together creatively and always be friends. And we recognize we are lucky as hell to end this venture as such.”

The duo’s decision to split is described as “very recent and amicable,” so several details have yet to be determined, including what will happen to the Sanchez label, which signed a three-year first-look deal at Paramount last September.

In recent years, Ferrell has continued with lighter comedies such as “Daddy’s Home” and “Holmes & Watson,” while McKay has moved into writing and directing more dramatic satires, like the Oscar-nominated “Vice” and “The Big Short.”

According to the individual, Ferrell and McKay intend to support each other both personally and professionally in future endeavors and individual projects, and should the two choose to partner on any future projects, those will go through their yet-to-be announced new ventures.

Deadline first reported the news of Ferrell and McKay’s decision to end their professional partnership.