MADRID — Last week, shingle producer Tomas Cimadevilla’s Telespan 2000 shingle inked two deals which will be the envy of a currently cash-challenged Spanish film industry. The producer of Spain’s successful sexual entanglement musical “The Other Side of the Bed” looks to have found a winning formula in nostalgia-laden, determinedly non-p.c. pics.

Distrib Sogepaq took international on Telespan’s ’70s-set “Torremolinos 73,” a kind of “Boogie Nights” meets Franco’s Spain, and “Football Days,” a thirtysomething laffer set in a Madrid tenement hood.

Days later, Telespan announced a three-year, six pic coproduction deal with broadcaster Telecinco for with a total production value of 18 million ($20.7 million). Sogepaq is extremely picky about the films it acquires. Spain’s ad-squeezed webs are thinking twice about pre-buying single pics, let alone laying down equity for a slate.

Telecinco and Sogepaq are buying into success. “Torremolinos ’73” swept the board at the Malaga Spanish Film Fest this spring, then took Euros 1.8 million ($2.1 million) in Spain. “The Other Side of the Bed” netted $14.5 million — Spain’s fourth highest grosser ever.

“Football” is one of its best breakout hopes this year. “Bed” features occasionally clad actresses, “Torremolinos” skinny-dipping Danes and kitchen-sink porn-shoots. But which Spanish movie visn’t lewd? More to the point, Telespan’s pics touch a local nerve.

“Football”‘s characters are natural born-losers: a menial office clerk, a taxi-driver, a laundrette-girl, a (talentless) ranchero-crooning cop. To pep up their spirits, they re-form the soccer team they played in as teens, but they’re completely out of shape.

For the first time since Franco, young Spaniards are looking at their past with wistful nostalgia. “It’s natural for my generation to have a Peter Pan complex. We enjoyed an economic boom,” says Cimadevilla. “But now there’s a sense of social and intellectual stagnation,” he adds. Telespan pics might be thought to have too much social memorabilia to travel abroad. But Lions Gate has sold “Bed” nearly worldwide: the Sundance Channel has just bowed it on U.S. screens. Nostalgia and disgruntlement might be building in Spain, but they’re hardly foreign to the global mood either.