As part of the deal, HBO will make a financial investment in the site and will commission 10 half-hour episodes of programming.
The episodes will be comprised of original content created specifically for HBO under the Funny or Die name. The network said it will premiere the series sometime next year.
Funny or Die was founded in 2007 by Adam McKay, Chris Henchy and Will Ferrell. The site features comedy videos by established comedians such as Ferrell, Paul Rudd and Human Giant, as well as content from amateurs.
"I don't want to overstate the importance of this deal, but this is the missing-link moment where TV and internet finally merge," Ferrell said in announcing the deal. "It will change the way we as human beings perceive and interact with reality. OK, I overstated it … but it is an exciting deal."
HBO already has a deal with Gary Sanchez Productions, Will Ferrell's and Adam McKay’s production house.