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.



''Rudo y Cursi,'' the company's first film directed by Carlos Cuaron and starring Gael Garcia Bernal and Diego Luna, is currently in pre-production. Focus is pre-selling the film at Cannes.

"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.