Will Ferrell, Adam McKay and Chris Henchy have formed a new, female-driven division of their film and television production company, Gary Sanchez Productions.

The new sister division, named Gloria Sanchez Productions, will focus on creating film and TV projects about and led by women. Jessica Elbaum, a longtime production executive at Gary Sanchez, will head the venture.

Elbaum is an Emmy- and Tony-nominated producer who has worked at Gary Sanchez since its inception in 2006 and has produced such films as Step Brothers, The Other Guys and Casa De Mi Padre. She also produced the 2012 indie breakout film Bachelorette, which “is the template for the kind of fare Gloria Sanchez wants to make,” said Mike Fleming Jr of Deadline.

"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 has produced films such as Anchorman 2: The Legend Continues, The Campaign, Step Brothers and The Other Guys.

“While Ferrell's past projects have addressed overly confident men, we're hoping Gloria Sanchez Productions will showcase dynamic female characters who exist on their own, rather than just highlighting men's haplessness,” wrote Amanda Duberman in The Huffington Post. “Ferrell's existing company produced 'Bridesmaids' and 'Bachelorette.' and if these films are any indication of the course they are taking, we have a lot to look forward to … With the enduring success of TV shows like 'Girls,' 'New Girl,' 'The Mindy Project' and 'Broad City,' and a string of successful raunchy comedies featuring a strong female lead (new Netflix category, anyone?), female-focused entertainment is evolving into a lucrative market to tap, rather than just a cause to champion.”

In other recent Hollywood news, Rocket Pictures, the production company from Elton John, has pocketed film rights to Joseph And The Amazing Technicolor Dreamcoat. Rocket plans to team with the Lloyd Webber’s Really Useful Group to produce an animated feature. Check out the ScreenCraft post about the news.

Also, don’t miss our recent post, Introducing: ScreenCraft’s Family-Friendly Screenplay Contest! The final deadline is fast approaching. Our panel of judges includes readers and creative executives at Lionsgate, Paramount, Sony and Walt Disney Pictures, and our featured guest judge is acclaimed story consultant Jen Grisanti!