Well-known British producers Alison Owen and Debra Hayward have teamed up to form Monumental Pictures, which will produce film and TV content.‎ The Hollywood Reporter says the long-time friends, whose last shared credit was the Oscar-nominated and BAFTA Award-winning “Elizabeth,” announced the new venture on Wednesday. Owen produced the film starring Cate Blanchett, with Hayward serving as co-producer. Owen quipped, “Debra and I have been chasing the same material for so long now, we’re both exhausted from competing with each other.” She added, “Ultimately, I could see the only way to beat Debra was to join her.” Owen and Hayward are building a slate that they plan to unveil sometime in the future.