April 9, 2007–MGM and Salma Hayek, along with partner Jose Tamez, have created a production label, Ventanazul, which will acquire, develop and produce Latin-themed stories and use Latin American and Hispanic talent on both sides of the camera.
MGM chief operating officer Rick Sands said content will come from agencies, directors and writers, based on the notion that there's a lot of talent in the Latin community.
Budgets for the mostly English-language projects will range from $5 million to $25 million. The
deal places star-company CEO Hayek in equal partnership with MGM, where Ventanazul is slated to offer two to four projects per year in a variety of genres.
The production deal is the second for MGM after November's announcement of the UA rebirth with Tom Cruise and Paula Wagner.