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Co-productions have been a usual formula in most of the European film industries since the mid 1950s (40% of films produced annually). Going beyond the mere cooperation, co-productions demand a difficult balance between financial strategies and multicultural implications. Some authors have offered different typologies of international films, trying to combine both aspects. This article analyzes 251 Spanish international co-productions made between 2000 and 2005 and proposes a new typology aimed at clarifying the hybrid nature of this formula of cooperation. At the same time it determines how much Spanish co-productions rely on economic strategies rather than on multicultural ties. [ABSTRACT FROM AUTHOR]