PINEWOOD Shepperton yesterday unveiled an arrangement which would see the Isle of Man government buy a fifth of the British film studio for £24m.
The British Crown island said it is seeking a stake of up to 19.9 per cent in Pinewood, which would in turn become an adviser to the Isle of Man’s Media Development Fund.
For an initial term of five years, the film studio behind most of the James Bond films will “source and advise” the Isle of Man on film investment opportunities for its £25m fund.
The island has been active in film and TV since 1995 – Me and Orson Welles, starring Zac Efron and Claire Danes, was filmed there – and has invested £170m in 97 productions.
Eddie Teare, the Isle of Man’s Treasury Minister, said: “It’s clear that the international film industry is undergoing significant change particularly in financing and production.
“Developing an investment strategy with an established partner which has an international reputation in film and television and in bringing production to the UK will help [the Isle of Man] to build further upon the success that it has achieved in what is a growth sector for the world economy.”
The island’s film and TV investment has for the last five years been managed by CinemaNX, from which a core team would join Pinewood’s advisory group for continuity reasons.