This book focuses on one of the most predominant aspects of the field of transnational cinemas; that is, the study of the unfolding cause and effect mechanisms of international film co-productions. The emphasis is on those co-productions organised between Spain and Latin America since the 1980s. Within the above framework, the book discusses the hegemonic position of Spain in these collaborations and the neo-colonial discourses embedded within those negotiations. Given the scanty literature currently available on the topic, I decided I should embark myself on a co-production project; but how? I managed to get involved in the making of the film Mariposa Negra/Black Butterfly (Francisco Lombardi 2006). A film co-produced between Peru and Spain and which received financial aid from the leading Ibero-American film organisation based in Spain, IBERMEDIA. This book endeavours, first, to contribute to the scarce literature in the practice of Latin American international film co-productions. Second, the volume proposes an analysis of the working dynamics of IBERMEDIA. Third, this work hopes to contribute to the writing of the historiography of Latin American film production.