"Having worked with several different studios over the years, we came to realize that our favorite people in the world are ourselves," said Parker and Stone in a statement. "We hope to work with ourselves for a long time and are excited to now work with ourselves in a much greater capacity."
According to the New York Times, the studio will approve television, movie and theatre projects, including a film adaptation of The Book of Mormon. Raine will take a minority stake in the company, providing advisory services as well as financing for future projects.
Parker and Stone are the co-creators and executive producers of "South Park," which began airing in 1997 and has won four Emmy Awards as well the Peabody Award. "South Park," the longest-running animated series on cable, is now in its 16th year. The duo — along with Robert Lopez (Avenue Q) — created the hit Broadway musical The Book of Mormon, which took home nine 2011 Tony Awards, including Best Musical.