Tynwald has supported a motion to make a substantial investment in Pinewood studios.
After more than five hours of, at times, heated and passionate debate, it was passed by 24 votes to 8.
It means up to ?24 million of money from reserve funds will be used to buy just under a 20% share of Pinewood Shepperton.
It brings the government into direct contact with Island billionaire John Whittaker, whose company Peel Holdings owns the famous studios.
Pinewood Shepperton plc will also act as investment managers for the Media Development Fund for the next five years.
In summing up the debate, Treasury Minister Eddie Teare said he believed the proposal was the right way forward for the Island and a suggested amendment by Liberal Vannin member Kate Beecroft should not be supported
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