MTV Films Europe has made its first film co-production investment in Europe, taking minority equity in Spanish comedy “Isi & Disi,” produced by Andres Vicente Gomez’s Lolafilms.

Beyond an equity position and a muscular print, radio, billboard and free TV advertising campaign, MTV Films Europe will work with MTV Espana to promote “Isi & Disi” — and MTV’s association with the pic. Screening at the Cannes market, it will bow in June in Spain.

Deal was brokered by Ele Juarez’s Intuition Films.

“We’re looking at ways of working with producers, directors and writers to produce indigenous product in the local language,” said Jonathan Zilli, director of MTV Films Europe.

“Lolafilms is one of the best known production companies in Spain and has its own distribution mechanism, which is very important, so that a company can get product to retail. We would like to form a longer-term relationship with Lola,” he added.

Per Lolafilms CEO Gomez, Lola is now prepping a second pop music-themed pic, “Sinfin,” about a rock band’s comeback, to be helmed by Manuel Sanabria and Carlos Villaverde, who made hit digital pic “La fiesta” in 2003.

“It’s a compliment for Jonathan Zilli and MTV Films Europe to invest in ‘Isi & Disi,'” said Gomez.

Turning on two brothers, both heavy-metal headbangers, who lock horns over the same girl, “Isi & Disi” is potentially one of the biggest Spanish hits of the year, toplining Santiago Segura, the country’s biggest B.O. draw, as one of the lame-brain brothers.

Zilli said MTV Films Europe was focusing on possible co-prod ventures in the U.K., Germany, Spain, Italy, France and Scandinavia and is at Cannes to explore projects and companies.

MTV Films Europe worked with Universal and Working Title on a marketing-led tie-up on “13” in the U.K., promoting pic on TV and online.

“As a channel, our audiences are young and very interested in cinema. They are very much into celebrity, are frequent cinemagoers and have a high opinion of cinema. So film is key for our demographic,” said Michael Garretta, director of entertainment business, MTV Networks.