The government of the Isle of Man is to acquire a stake of up to 19.9% in Pinewood Shepperton Studios for £24m.

Part of the deal would see Pinewood, home to productions including Wrath of the Titans and the new James Bond film, Skyfall, take on the the role of adviser for the Isle of Man's £25m film and TV investment fund for an initial five year period.

The Isle of Man has been active in film and television production since 1995, investing £170m in 97 productions.

Among recent films made on the Isle of Man are Richard Linklater's Me and Orson Welles, The Disappearance of Alice Creed, directed by J Blakeson, and the 3D documentary TT3D: Closer to the Edge about the annual motorcycle race on the island.

"It is clear that the international film industry is undergoing significant change particularly in financing and production," said Eddie Teare, treasury minister of the Isle of Man government.

"Building partnerships is becoming increasingly important for the film and television industry. 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 it has achieved in what is a growth sector for the world economy. It is a sector in which the Isle of Man must strive to build a significant presence."

The Isle of Man parliament has to consent to the deal to take a stake in Pinewood.

Teare has submitted the proposal to buy the stake to parliament asking that the IoM's treasury "be authorised but not required to expend from the reserve fund an amount of up to £24 million to purchase up to 19.9% of the ordinary shares of Pinewood Shepperton plc from its shareholders, if satisfactory terms can be agreed in connection with this proposal".

Pinewood's potential deal to manage the Isle of Man's £25m media development fund is not contingent on the negotiations IoM is conducting to take a stake in the studio.

If Pinewood takes over management of the film and TV fund then a core team from CinemaNX, the current advisor to the Media Development Fund, will join the company to "provide continuity".

MDF currently provides equity financing to film production companies, discounts tax credits for productions qualifying for the UK tax credit and provides gap financing and other benefits to productions.

Pinewood is controlled by Peel Holdings, the commercial property group that leased part of Salford's MediaCityUK site to the BBC, which owns a 71.06% stake in the studio. Jewellery chain Warren James is the second largest shareholder with a 27.9% stake.

Pinewood reported a loss of almost £3m in the 15 months to the end of March after Project Pinewood, its £200m "Hollywood" expansion initiative, was blocked.

Stripping out the costs associated with Project Pinewood the studio did well with film revenues of a healthy £44.9m for the 15-month period, thanks to movies such as Ridley Scott's Prometheus and Daniel Craig's latest outing in Skyfall.

• To contact the MediaGuardian news desk email editor@mediatheguardian.com or phone 020 3353 3857. For all other inquiries please call the main Guardian switchboard on 020 3353 2000. If you are writing a comment for publication, please mark clearly "for publication".

• To get the latest media news to your desktop or mobile, follow MediaGuardian on Twitter and Facebook.