Important Studios plans to continue the growth of the "South Park" and Book of Mormon franchises, create new content across different media and expand distribution of Parker and Stone's work worldwide. "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.