7 June 2012 Last updated at 11:12 ET

Isle of Man ponders multi-million pound Pinewood deal

Isle of Man want to team up with Pinewood Studios.

The Isle of Man government is considering a multi-million pound link up with Pinewood Shepperton Studios.

The two-part deal would involve the island buying up to 20% of shares in the firm, at a cost of £24m.

The management of a further £25m, formerly given over to Isle of Man production company, CinemaNX, would also be handed to Pinewood.

Treasury Minister Eddie Teare said the move would safeguard the future of the Isle of Man's film industry.

He added: "Our film industry has brought huge economic benefits in the past, but the current model isn't going to work going forward."

The 75-year-old Pinewood film studios, which are home to the James Bond and Harry Potter films, are controlled by Peel Holdings which owns a 71.06% stake.

Independent films

"This deal has advantages for both sides- the Isle of Man is fairly strong in the independent film market and Pinewood would like to get into that market- this partnership would give them the opportunity to do so," continued Mr Teare.

Head of CinemaNX, Steve Christian said: "The opportunity to partner with a worldwide media super-brand doesn't come along too often.

"The Isle of Man has crafted this opening which is so much more than simply film-making- it is country branding, strategic investment and most importantly, a place at the top table of the media world."

Mr Teare will be looking for the support of the Isle of Man parliament, Tynwald, in June.

The Isle of Man has invested a total of £170m into the film industry since 1995.

Productions made on the island include motorsport documentary, TT3D: Closer to the Edge, Richard Linklater's Me and Orson Welles and Albatross, directed by Niall MacCormick.