Salma's Spicy Studio Deal

Tue., Apr. 10, 2007 8:51 AM PDT by Gina Serpe

Salma Hayek may be awaiting the arrival of her heir, but in the meantime she's working on the rest of her empire.

The Oscar-nominated actress has teamed up with MGM to form Ventanazul, literally "blue window," a production company that will focus on fostering Latin-themed projects with mainstream appeal.

The 40-year-old Mexican-born actress will serve as president and CEO of the venture, which will develop, produce and acquire between two and four films per year.

"We have been developing for months a plan to create an identity for the company that specialized in the Latino market without isolating the rest of the audience," Hayek said, adding that Ventanazul would veer away from "some of the stereotypical efforts made in the past."

"What's important to us is integrating, not separating...Each project has a different element: from supporting out incredible talent behind the camera, to telling uniquely Latin stories like that of Frida Kahlo, to creating unforgettable characters—who just happen to be Latin—like Ugly Betty."

Hayek, who earned her Oscar nod for her turn in Frida and executive produces the Peabody Award-winning Ugly Betty, adapted from a Colombian telenovela, said that her new production company will employ Latin talent on both sides of the camera, with Hayek herself, in some instances, filling up both spots.

"To the extent that it makes sense for her to act, she'll do that; to the extent that it makes sense for her to produce, she'll do that," MGM CEO Rick Sands told Variety.

Sands also said that the projects will likely be budgeted between $5 million and $25 million, depending on who's in it and the nature of the material, citing Babel and Pan's Labyrinth as examples of the type of cinematic fare Ventanazul would like to produce and acquire.

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

The actress' CEO turn is the second high-profile recruitment for MGM in the past year, coming on the heels of November's partnership with Tom Cruise to reform United Artists. Like Hayek, Cruise and his producing partner Paula Wagner were offered complete creative control over their roster of flicks, something Sands said MGM was looking to replicate with more big stars.

"Don't be surprised if we do this one or two more times," he said. "It's part of our ongoing strategy to be in business with top content providers, and we were fortunate enough to be able to partner with Tom Cruise, and now Salma."