When two thin soft elastomeric films are separated from each other, an elastic instability develops at the interface. Although similar instability develops for the case of a soft film separating from a rigid adherent, there are important differences in the two cases. For the single-film case, the wavelength of instability is independent of any material properties of the system, and it scales only with thickness of the film. For the two-film case, a co-operative instability mode develops, which is a non-linear function of the thicknesses and the elastic moduli of both films. We investigate the development of such instability by energy minimization procedures. Understanding the nature of this instability is important, as it affects the adhesive compliance of the system and thus the energy release rate in the debonding of soft interfaces.