The comedy pair's new company, Gary Sanchez Prods, will head the film production, in association with Paramount Vintage, which will focus on innovative comedies with budgets limited to a $10-$20 million range, the Hollywood Reporter said.
"Brad Grey and I have always envisioned that our specialty division would produce the most sophisticated and fresh material in all genres, and we are confident that Will and Adam's unique voices will be a Paramount Vantage mainstay," Vantage president John Lesher said.
The films will not star Ferrell, but rather allow the comedy minds behind films like "Anchorman: The Legend of Ron Burgundy" to develop new intriguing comedy concepts.
"Adam and I have been looking forward to setting up a company for a long time," Ferrell told the Reporter. "And with Mr. Sanchez's support and vision, we look forward to a long and productive partnership. Viva Paraguay!"
Celebrity Couples of 2014 [PHOTOS]