Film giant plans multi-million island link-up
John Dickens • Published 11 Jun 2012 06:00
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PLANS for a multi-million pound partnership between Pinewood Shepperton and the Isle of Man are being proposed.
Chiefs at the film-making giant, behind blockbusters such as the James Bond series, confirmed they are in talks to manage the Isle of Man Government's £25m media development fund.
The company, which has a film-making studio, Pinewood, based in Iver Heath, would 'source and advise' on film investment opportunities for an initial five-year term.
The proposals would also see a core team from CinemaNX, the current advisor to the media development fund, join the company.
The Isle of Man Minister for the Treasury has also asked the country's Parliament, known as the Tynwald, to sanction a bid of up to £24m to purchase up to 19.9% of Pinewood Shepperton plc from shareholders.
The bid, which proposes to use cash from the country's reserve fund, requires Parliamentary consent.
It is reported the bid will be decided at a sitting this month.
An announcement was made to the stock exchange on Wednesday morning.
CinemaNX has managed the media development fund since 2007.
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