A written answer to a question from Douglas South MHK Kate Beecroft has revealed the Isle of Man has lost £26,854,001 from the media development fund.

The figures, released by Treasury Minister Alfred Cannan MHK (Ayre and Michael) show that Cinemanx invested £39.7m in films between 2007 and 2012. In addition, more was lost as part of the Pinewood investment.

In the Cinemanx deal only £16.8m was recouped with a loss of over £20.5m. Of that, more than £9m was lost on the Zac Efron film ’Me and Orson Welles’, which was partially filmed in the island.

In 2012, the media development fund transferred to Pinewood Pictures as part of an agreement between the government and Pinewood Studios. During this time, the island invested £20m and lost just under £6.2m in six years.

This included £1.2m lost on the film sequel of the BBC spy drama ’Spooks’.

The government is looking for a new media partner after selling its share in Pinewood for a £10m profit.