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Deal signed for smaller than expected stake in Pinewood

The Manx government has completed a deal to buy a stake in Pinewood film studios.

Treasury has agreed to spend £12.23 million from reserves on a 10 per cent stake, half the sum originally quoted.

Tynwald had agreed to fund a 20 per cent buy-in, in a deal which includes the transfer of the Island's £25 million film and TV investment fund to Pinewood Shepperton plc.

But Treasury Minister Eddie Teare says negotiations resulted in a lesser investment for the Island, with no loss of influence and all benefits intact.

A core team from Island-based CinemaNX until now advisers to the government, will join Pinewood Shepperton to help source new film projects and provide continuity.

With other investors reluctant to sell, Mr Teare says his team has secured the same benefits from the deal for less exposure:

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