Actually, most TV and movies are released separately in both regions, videogames being relatively recent (mid-to-late 2000's or something like that, while unexperienced videogame companies still use the same translation for both).
Most Latin American translations you'll ever hear are made in Mexico (Ex: Most movies and LatAm-translated videogames), while some are made, from most to least common, in Venezuela (Ex: Spongebob, Discovery Channel, History Channel, DC Animated Features), Argentina (Ex: Some Disney TV shows, Sony videogames), Chile (Ex: The Last Airbender), Los Angeles, Miami (Ex: South Park, The Fairly Oddparents), and Colombia. However, they're all required to use "acento neutro" (neutral accent), a dialect of Spanish that uses the least possible regional words, accents, and pronunciations.
In Spain, they're usually done in Madrid or Barcelona. I heard one dubs most movies and the other dubs most TV shows, but I don't know which is which. They both work using a Castilian dialect.
As for Disney movies, it was quite the opposite until the early 90's: They used the same version for both Spain and Latin America, until they decided to do it separately with The Beauty and the Beast, a successful move, and it has been like that ever since. As a Mexican who has seen most Disney movies dubbed and seen clips of the Spanish translation, I could say the two versions are great in both voices and dialogue, often even better than the original version. Part of it is because Disney is directly involved in those translations. In fact, the earliest dub actors and translators were hired by Walt Disney himself.
There are companies, like Sony and Dreamworks, that release two versions for Latin America: One with neutral words (no slang or regional words) and another one with Mexican words (Mexican G and PG rated slang and humour can be pretty funny, but most of it can only be understood by us, unless other countries have been exposed to Mexican media, which is often the case). An interesting case happened with The Incredibles: It had four dubs: Spain, Latin America (neutral), Mexican, and Argentinian. The Argentinian dub, like the Spaniard one, had its own separate voices, but it was not successful, so after few movies they went back to having Argentina share the same translation as the rest of Latin America.
As for the Spanish vs LatAm translations, people who are used to listen to one version often dislike the other, and they're often a cause for highly heated flamewars. In my opinion, each one is made for a different audience, adding the challenge of one being targeted to one country while the other one is targeted to half a continent, and most of what is used to criticize one can be used to criticize the other.
