Five years ago — almost to the date — Pantelion Films, the Spanish-language and bilingual outfit from Lionsgate and Mexico’s Televisa, released the smash hit “Instructions Not Including,” starring Eugenio Derbez. Turning its leading man into a bankable movie star, the dramedy about a father raising his long-lost prepubescent daughter scored hugely with audiences both in its homeland and stateside with record-breaking grosses in both markets.

After a long string of box-office triumphs, from PG-13 comedies to an animated feature and even a gender-reversed remake of 1987’s “Overboard” (starring Derbez), the production company and distributor has established itself as an enviable venture, catering to its core audience in the U.S. (Latino immigrants familiar with homegrown talent) and expanding into the Anglo space via collaborations with popular American comedians. The artistic value of its productions is not as significant as their role filling in a gap with content that a large...