ISLE OF MAN BUYING 20 PERCENT OF BRITISH STUDIO

The Isle of Man, the semi-independent entity located in the Irish Sea between Great Britain and Ireland, has agreed to acquire 20 percent of Pinewood Shepperton Studios for about $36 million. The local government has reportedly been a major backer of British films since 1995. In a statement, Eddie Teare, the Isle of Man’s treasury minister, observed that the island’s film investment program had produced a “substantial upside to the local economy” without having to resort to subsidies, the usual governmental approach. “Developing an investment strategy with an established partner which has an international reputation in film and television and in bringing production to the U.K., will help the island to build further upon the success that it has achieved in what is a growth sector for the world economy,” he said. Pinewood Shepperton calls itself “the home of the British film industry.” The Pinewood complex, located about 20 miles outside of London, is the site of the 59,000 square-foot 007 stage, where each of the James Bond movies has been filmed.