Will Ferrell launches female-focused film and TV production company, "Gloria Sanchez Productions"

Image and video hosting by TinyPic

Gary Sanchez Productions, the 7-year-old film and television production company formed by Will Ferrell, Adam McKay and Chris Henchy, has formed a new female-driven division.

Dubbed Gloria Sanchez Productions, the venture which will focus on creating female-led film and TV projects and will be headed up by Jessica Elbaum, a longtime production executive at Gary Sanchez Productions.

The new company will work with established and emerging female voices to develop content.

"When Jessica came to us with this idea, we thought it was fantastic," Ferrell and McKay said in a statement. "She has worked with some of the great female voices in comedy and has proven herself as a gifted producer who has a keen eye for material."

Gary Sanchez Productions, named after a fictitious place-kicker invented by Ferrell and McKay, has produced a number of films since forming including Step Brothers, The Other Guys and the 2012 indie breakout Bachelorette.

Ferrell and McKay added: "We called Gary and he loved the idea as well and asked that we name it after his favorite step-granddaughter, Gloria Sanchez."