Holmes & Watson was an outright bomb that had audiences walking out in the middle of the movie. Sure, it was awful, but who could have predicted that it would end the longtime working relationship between the movie's star Will Ferrell and its producer Adam McKay?

Having first met in 1995 on the set of Saturday Night Live, Will Ferrell and Adam McKay have enjoyed a long partnership on quite a few movies and TV shows, some of them deemed outright classics. So Holmes and Watson is a sour note to end the legacy on. But the pair have mutually decided to disband their production company Gary Sanchez and its female-centric offshoot Gloria Sanchez.

The dubious duo will now branch out and go their own separate ways, but they remain close friends and there are no hard feelings. Gary Sanchez has enjoyed a 13 year history that includes such comedy hits as Anchorman: The Legend of Ron Burgundy, Talladega Nights, Step Brothers and The Other Guys, all of which they both produced, with Will Ferrell taking the lead, and Adam McKay behind the lens as director. They also collaborated on the screenplays.

Related: Anchorman 3 Won't Happen Until Everyone Is Old and Dumb

The production company will slowly be phased out at Paramount as they continue to see through their various projects currently in production. It's noted that they will continue to work together on their shared properties in some capacity, and will fully support each other in their new separate endeavors.

It is expected that both Will Ferrell and Adam McKay will form their own separate individual production banners for their newest projects. The decision to split just came this past week, so plans are still being formulated and ironed out. The pair issued this statement.

"The last 13 years could not have been more enjoyable and satisfying for the two of us at Sanchez Productions. We give massive thanks to our incredible staff and executives and all the writers, directors and actors we worked with through the years. The two of us will always work together creatively and always be friends. And we recognize we are lucky as hell to end this venture as such."

The pair more recently collaborated on the hit comedy franchise Daddy's Home as producers, and they created the viral comedy site Funny or Die together, which has spawned a number of its own projects on both the big and small screen. Drunk History and Between Two Ferns are just a couple of the hits spun out of the enterprise. Gary Sanchez was also behind the ever-popular HBO series Eastbound and Down.

Last year, Adam McKay switched gears with the Oscar nominated Dick Chaney movie Vice, and in 2015 he directed the politically charged dramatic comedy The Big Short. That movie won him an Oscar for Best Adapted Screenplay with Charles Randolph. He also directed the pilot for HBO's Succession, winning a DGA Award.

Will Ferrell will next be seen in the comedy Downhill from directors Nat Faxon and Jim Rash. It is based on the 2014 Swedish movie Force Majeure. He is also working on Eurovision for Netflix, which comes from Wedding Crashers director David Dobkin.

One of the final movies for the two as producers will be Hustlers, directed by Lorene Scafaria and starring Jennifer Lopez as a scheming New York stripper in a reality based tale. In terms of their comedy legacy, Holmes and Watson is perhaps not the best movie to end a partnership on, but it could gain a cult following in the years to come. McKay didn't direct that movie, though. The last film that paired the two as director and leading man was Anchorman 2: The Legend Continues. There had been talk of Anchorman 3, but that probably won't happen now. Also not helping matters is the fact that Will Ferrell has spun his Ron Burgundy character off into a podcast that has not exactly been well received by fans. Though they could reunite to collaborate in such a capacity again, it's evident that Ron needs to take a big long nap after his radio show shenanigans. This news comes from Deadline.

B. Alan Orange