The Isle of Man Government is proposing to negotiate a binding agreement with UK-based Pinewood Shepperton plc to source and advise on film investment opportunities for its ?25 million Media Development Fund (MDF) for an initial term of five years.
As part of the arrangement, the Isle of Man Government will also seek Isle of Man Parliamentary approval to acquire a stake of up to 19.9% in Pinewood Shepperton plc as a strategic Government investment.
The Isle of Man has been active in film and television production since 1995, investing ?170 million in 97 productions generating significant economic benefits to the Island. Its film investment strategy and programme has also been unique in that it has been self-financing and not reliant upon state subsidy.
The Isle of Man’s investment in film and television has been managed by CinemaNX since 2007. If Pinewood Shepperton plc enters into an agreement to advise the MDF, it is proposed that a core team from CinemaNX (the current adviser to the MDF) will join the company to provide continuity.
Eddie Teare, Treasury Minister, Isle of Man Government said: “The film and wider creative industries continue to play a key role in the Island’s economic diversification and country branding drives. The Island’s film investment programme has delivered substantial upside to the local economy without resorting to a subsidy driven approach. An investment of ?170 million over the last 16 years has generated very significant benefits from 97 productions.
“However, it’s clear that the international film industry is undergoing significant change particularly in financing and production. Building partnerships is becoming increasingly important for the film and television industry. 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 Island to build further upon the success that it has achieved in what is a growth sector for the world economy. It is a sector in which the Isle of Man must strive to build a significant presence.”
A further announcement will be made in due course.
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