[Python] matplotlib latex text color

I want to partially color some LaTeX text in my plot using the \textcolor{} command. I tried the following, but the text still appears black:

import matplotlib
matplotlib.use('TKAgg')

from matplotlib import rc
rc('text',usetex=True)
rc('text.latex', preamble=r'\usepackage{color}')
import matplotlib.pyplot as plt

if __name__ == "__main__":
fig = plt.figure()
fig.text(0.5, 0.5, r'black \textcolor{red}{red}')
plt.show()


Changing the backend to pc as done here does not help. Any suggestions on how to do it?

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