Lionsgate and Televisa have taken the wraps off Pantelion Films, a joint venture that they say will release up to 10 movies a year aimed at the Hispanic film audience in the U.S., according to The Hollywood Reporter.

The two companies have a five-year deal for the project, to be overseen by Jim McNamara, the former head of Telemundo and now chairman of Pantelion. The operation has only about eight employees, according to the story, but plans to use the staffs of the parent companies.

"Other companies that have tried to do this either did not have enough staff, because they couldn’t afford it, or the business was such that it never allowed money to come in fast enough" to keep it going, McNamara said. "This is a low overhead development and distribution company."