Tim Heidecker and Eric Wareheim — the loons behind The Tim and Eric Awesome Show, Great Job! — only just announced that they had written and were beginning to direct their first feature film, Tim and Eric’s Billion Dollar Movie. The picture reportedly features the talents of Zach Galifianakis, Will Ferrell, John C. Reilly, Robert Loggia, Jeff Goldblum, Will Forte and William Atherton.

Now the film already has a distributor, as Magnolia has officially (confirming the report linked above) come aboard to put this most expensive movie project in front of the eyeballs of willing suckers everywhere.

In a press release (via IndieWire) all involved parties really have a go at defending the billion-dollar price tag of the movie, which is really, honestly and truly what the film is going to cost. Totally.

Will Ferrell said,

You can’t put a price on creative excellence and we didn’t… maybe we should have, but we didn’t.

And Adam McKay added,

There are six billion people in the world, so if we can get every sixth person to see this movie, we break even. If they tell a friend, we’ll do well, quite well.

Here’s the full press release, but lest you take any of it too seriously, remember what Tim just said about the film:

Relative to other films, it’s tiny, but to us, it’s the biggest thing we’ve ever done, the biggest crew we’ve ever worked with and the most professional thing we’ve ever done. And the challenge is to fight against the professionalism and keep things loose.

Los Angeles – March 14, 2011 – 2929 Productions announced today it is financing Tim and Eric’s Billion Dollar Movie, the feature film debut of Tim Heidecker and Eric Wareheim, with Gary Sanchez Productions and its Funny or Die Films banner co-producing. Heidecker and Wareheim will write, direct and star in what is undoubtedly the most expensive production in cinematic history. In addition, 2929’s sister company Magnolia Pictures has acquired the U.S. distribution rights to the film, which is shooting throughout the month of March in Los Angeles and Palm Springs, California.

Tim and Eric’s Billion Dollar Movie is a star-studded comedy created by the prolific team of Tim Heidecker and Eric Wareheim, best known for their five seasons of “Tim and Eric Awesome Show, Great Job!” which have aired on Cartoon Network’s Adult Swim. Numerous celebrity cameos will be featured, as well as the beloved cast of regular characters that appear on “Tim and Eric Awesome Show, Great Job!”

“We are very excited to be a part of this very expensive film,” said Heidecker. “We are professional boys and we’ll use the money wisely,” added Wareheim.

Wagner/Cuban co-owner and 2929 Productions CEO Todd Wagner said: “We were initially apprehensive of the unprecedented price tag of the film, but apparently we agreed to it after having a drink with Tim and Eric. Actually, it’s all a little bit fuzzy. Regardless, we now realize that it would be foolhardy not to participate in what is sure to be the grandest entertainment ever presented to mankind.” Wagner and business partner Mark Cuban are also reported to have cameos in the film. “Letting Todd and Mark be in the film seemed like the least we could do considering they’re investing so much of their personal fortunes in the project,” said Heidecker and Wareheim.

Gary Sanchez Productions’ co-founder Will Ferrell remarked that “You can’t put a price on creative excellence and we didn’t… maybe we should have, but we didn’t,” with GSP co-founder Adam McKay adding that “There are six billion people in the world, so if we can get every sixth person to see this movie, we break even. If they tell a friend, we’ll do well, quite well.”

The billion dollar price tag is far and away the most money paid for any film, more than three times the reported budget of Avatar. With 2929 Productions, Gary Sanchez Productions (run by Will Ferrell, Adam McKay and Chris Henchy) is producing through its “Funny or Die Films” adjunct banner. GSP has produced such films as The Goods, The Foot Fist Way and the Will Ferrell-Mark Wahlberg cop comedy The Other Guys.

Under their Abso Lutely Productions banner, Tim Heidecker and Eric Wareheim have produced five seasons of their popular experimental comedy show “Tim and Eric Awesome Show, Great Job!” for Cartoon Network’s Adult Swim. In addition to TEASGJ, they have created the television show “Tom Goes to the Mayor” for Adult Swim, as well as the online comedy titles “Tim and Eric Nite Live” and “Stephen and Steven” for Superdeluxe and Comedy Central. Dave Kneebone and Jon Mugar will be producing for Abso Lutely Productions.

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