Isle Of Man Film Appoints New Firm To Manage Media Development Fund

by Jason Gorringe, Tax-News.com, London

23 August 2007

CinemaNX, a new film financing and production group (to be known as NX) was launched on Wednesday, and has been appointed by Isle of Man Film to manage the Media Development Fund.

NX, headed by Steve Christian and based on the Isle of Man, will provide film and television producers with a unique combination of production expertise and experience of international film financing.

Isle of Man Film, formerly known as the Isle of Man Film Commission was first set up in 1995 as part of the Isle of Man Government's economic diversification policy. Isle of Man Film (wholly owned by the Isle of Man Government) acts as an equity investor in film and television, and aims to raise the profile of the Island's film industry, and actively market the Isle of Man as a film location at major film industry events.

The Media Development Fund offers:

• Up to 25% of the budget as direct equity investment.
• No upper or lower limits.
• Full assistance with financial structuring of budgets.

To be considered for investment, projects must:

• Be able to be filmed wholly or in part on the Isle of Man (at least 50% of all principal photography must take place on the Island)
• Be capable of spending at least the equivalent of 20% of the below the line budget with local service providers
• Be otherwise fully funded
• Have a completion bond in place.

Commenting this week following the announcement by Isle of Man Film, Steve Christian, NX Chairman, observed that:

“The progress made by the Isle of Man film industry over the past ten years has been incredible. However, the recurring difficulty we have faced, like any other jurisdiction, is providing a steady flow of product. The biggest factor outside of our control has always been production timing. To overcome this problem NX will take a much more hands-on role throughout the production process."

David Cretney, Trade and Industry Minister, added that:

“We are delighted that the Manx Industry is setting out, yet again, to be a pioneer in the world of independent film. I am confident that the NX model is the way forward, not only for the Island’s film industry but also for independent film generally. For Steve to have persuaded top executives like Marc, Gillian and Andrew to join NX only reinforces my confidence."

NX has stated that it will continue to work very closely with the Isle of Man Film’s established team, headed by Hilary Dugdale, who obseved on Wednesday that:

“I am confident that NX will be a major boost for the Manx film industry. Having spent a great deal of time with the NX team over the last three months I am certain that the Isle of Man is going to attract the best independent production from around the world.”

The decision to follow the NX model was alluded to in Treasury Minister Allan Bell’s annual budget speech in March, 2007.

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