Yahoo Inc. (NASDAQ:YHOO) will release two original comedy series, "Other Space" and "Sin City Saints” in 2015 on Yahoo Screen to enter the online streaming arena, the company announced during the Digital Content NewFronts presentation Monday.

Paul Feig, the director of hit theatrical “Bridesmaids,” will executive produce “Other Space,” a series of eight half-hour episodes set in the early twenty-second century. Mike Tollin, executive producer of the hit series “Smallville” and “One Tree Hill,” will team up with TV director Bryan Gordon for “Sin City Saints,” a single-camera comedy, focusing on a Las Vegas professional basketball team. Yahoo, by agreeing to broadcast the two sitcoms, will attempt to take on Netflix (NASDAQ:NFLX), which runs the Internet's largest online video subscription service.

"We're thrilled to kick off our long-form programming with critically acclaimed creators Paul Feig, Mike Tollin and Bryan Gordon, and we will continue to work with entertainment's top creators to bring you fresh, innovative and original shows you can watch anytime, anywhere," Kathy Savitt, chief marketing officer, said in a statement.

In a recent interview with Variety, Savitt said that two more long-form scripted projects will be added to the line-up and will be announced in the coming weeks. “We want the world’s best showrunners, writers and directors to tell the best stories,” she reportedly said.

Yahoo will not be charging viewers to watch the series, but the company hopes to make money from selling additional advertising. "Our goal is to not only enable the future but also to help invent it," Savitt reportedly said.

Yahoo previously teamed up with Tom Hanks to bring animated sci-fi series “Electric City,” to its video-streaming lineup.