Pinewood in negotiations for £25 million fund
by Naman Ramachandran
07/06/2012 - The Board of Pinewood Shepperton is considering a proposal to manage a film fund. The company has announced that it is negotiating a binding agreement with the Government of the Isle of Man to source and advise on film investment opportunities for its £25 million Media Development Fund for an initial term of 5 years. If Pinewood enters into an agreement to advise the Fund, it is proposed that a core team from CinemaNX (the current adviser to the Fund) will join the company.
If the deal goes through, the Isle of Man Government will spend up to £24 million to buy a 19.9% stake in the iconic British studio. This resolution requires the consent of the Tynwald (Isle of Man Parliament).
Isle of Man’s treasury minister Eddie Teare 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 program has delivered substantial upside to the local economy without resorting to a subsidy driven approach. However, 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 island to build further upon the success that it has achieved in what is a growth sector for the world economy.”
The Isle of Man has been involved in film and television production from 1995, investing £170 million in 97 productions, including Me And Orson Welles and Ashes.