This paper addresses the institutional context and academic practices related to the production and use of literary theory and criticism in the Spanish universities, with a special focus on the role of theory in Spanish Anglistics in recent years. The paper assesses interdisciplinary communication, the impact of new theoretical paradigms (feminism, postcolonial Studies, etc.) in a specifically Spanish setting, and the disciplinary transformations and new publishing opportunities associated to the new media ecology. Close attention is paid to issues of cultural colonization, disciplinary marginality and the contextual roots of academic praxis.