Salma Hayek wins MGM backing for Latin-themed films

LOS ANGELES  - Mexican actress and producer Salma Hayek and Metro-Goldwyn-Mayer Inc. said on Monday they agreed to form a film company specializing in Latino movies appealing to wider, mainstream audiences.

The company, Ventanazul, will be housed at MGM and be a partnership between the Hollywood film and television studio and Hayek, Oscar nominated for her movie "Frida" and producer of hit TV show "Ugly Betty." Financial details were undisclosed.

Ventanazul plans to make or acquire independent movies, and hopes to distribute two to four films a year that draw on Latin themes, feature Latino or Latina actors and cross over to mainstream audiences for broad, box office appeal.

"We want these movies to appeal to everyone, but we also hope to make Latino audiences proud," Hayek said.

As examples, Hayek pointed to "Frida," a film about Mexican artist Frida Kahlo which performed modestly well at art-house box offices, and to "Ugly Betty," which tells of young Betty Suarez, a fish-out-of-water working at a fashion magazine.

Hayek will serve as president and chief executive officer of Ventanazul and her producing partner, Jose Tamez, will be president of production.

The deal follows last year's widely touted film partnership between MGM, actor Tom Cruise and his producing partner, Paula Wagner, to re-establish the United Artists production company.

MGM is controlled by private equity firms Providence Equity Partners and Texas Pacific Group. Sony Corp. of America and cable company Comcast Corp hold large stakes, as do DLJ Merchant Banking Partners and Quadrangle Group.