Universal Pictures has announced a five pic financing deal worth $100 million with a new production company formed by top Mexican directors Alfonso Cuaron ("Children of Men"), Guillermo del Toro ("Pan’s Labyrinth"), and Alejandro Gonzales Inarritu ("Babel") called cha cha cha, according to a report in Saturday’s Variety.
Of the five movies, some will be in Spanish and others will be in English. As part of this deal, Universal will co-own the movies and sell them as well; its indie arm Focus Features will handle international sales, with domestic rights to be sold separately.
"We are proud to be not only part of the world cinema community, but also students of it. Universal and Focus are affording us a safe haven to keep doing the work we love as well as nurture other filmmakers," the three filmmakers said in a joint statement.