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In the biggest news to come out of Iberseries Platino Industria, L.A., Miami and Madrid-based Secuoya Studios and Telemundo Streaming Studios are joining forces to co-develop, co-produce and co-finance multiple fiction projects through to 2023.

Sequoya Group’s content production arm, Sequoya Studios, leapt to prominence in April 2020 when appointing James Costos, a former HBO executive and U.S. ambassador to Spain, to oversee the company, based out of Los Angeles.

Telemundo Streaming Studios was launched in May 2021 by NBCUniversal Telemundo Enterprises, designed as the first Hispanic media studio dedicated exclusively to serving growing Latino streaming audiences in the U.S. and around the world.

The two-year renewable partnership was announced on Wednesday by Juan Ponce, senior VP and general manager of Telemundo Streaming Studios, and Costos, during the first Iberseries Platino Industria.

The alliance’s core goal is to lend visibility to original Spanish and Latin American stories, the partners said. It will see creatives from both companies linking to create a portfolio of original Spanish-language audiovisual content, they added.

An assessment committee of U.S. and Spanish creative executives will judge candidate projects from a global perspective. Selected titles then hit concept development and production of a pilot.

Exclusive international distribution will be handled by NBCUniversal Telemundo Enterprises. It will also start talks with industry players to license the series in the U.S. and Spain on networks, streaming platforms and other content outlets.

“We are delighted with this unprecedented alliance in the Spanish-speaking audiovisual world. This deal is another step forward in creating stories alongside strong partners with a big presence in the Latin American and U.S. markets, such as Telemundo Streaming Universal,” said Costos.

In Spain, Secuoya has launched Madrid Content City, the region’s biggest business park which houses Netflix’s first European Production City.

“We hope this will be the first of many future joint efforts in terms of content creation and production and in other areas, such as structuring financial agreements, services, back office, the rental of stages that comply with the highest standards of the international markets, where Secuoya Studios has a proven track record of professional expertise,” Costos added.

“We are proud to be able to work with Secuoya Studios to develop top-level content for our Streaming clients. We found in Secuoya the same mission and commitment to develop and produce stories that are able to connect deeply and in a novel way with a global audience,” stated Ponce.

One of Sequoya Studios’ main long-term goals has been to establish strategic relationships with leading international industry partners, it said Tuesday. Further partners are expected to join the venture in the future, it added.

Jamie Lang contributed to this story.