MyDamnChannel.com will feature shortform programming from a number of creators, Barnett said. Director David Wain also is part of the venture.
The site will get its own channel on YouTube, which will also promote the videos on its home page and other sections of the site, Variety reported Tuesday.
The goal, Barnett said, is to provide content on a weekly basis instead of the more occasional schedule on which some existing content sites run.
Shortform comedy has become popular thanks in part to startup sites such as FunnyOrDie.com, which attract talent such as Will Ferrell and the investment of venture capital firms.
Barnett said he hopes choosing high-profile creators and carefully overseeing content will help MyDamnChannel.com stand apart.
"There's a slew of sites with hundreds of thousands of videos that are impossible to find," he said. "We're taking a very different approach than all the YouTube imitators."
A timetable wasn't revealed.