Venerable British studio Pinewood Shepperton PLC will take over management of Toronto's struggling Filmport, the company announced Thursday.

The huge new complex with seven state-of-the-art soundstages on Toronto's waterfront will be renamed Pinewood Toronto Studios.

Pinewood has signed a five-year deal for sales and marketing for the studio, which opened in 2008 at a time when the movie industry had been hit hard by a high Canadian dollar and the recession.

"One of the reasons for our interest is the model being promoted for the regeneration of the Toronto Port Lands which relies so heavily on film and media," said Ivan Dunleavy, chief executive of Pinewood Shepperton, in a news conference.

Dunleavy said Pinewood Shepperton was also attracted by the purpose-built sound stages on the huge property.

"We plan to use our expertise gathered over 75 years in the U.K. to bring as much production as we can to Toronto," he said.

Pinewood Shepperton PLC operates Pinewood Studios, Shepperton Studios and Teddington Studios where the Carry On films and newer properties such a Quantum of Solace, The Dark Knight and The Bourne Ultimatum were shot.

Filmport has struggled to fill its stated purpose of drawing productions to Toronto, although one production is currently using its studios.

New effort to draw productions

Pinewood's Nick Smith and the new director of Pinewood Toronto Studios, Canadian film veteran Edith Myers, have been charged with helping bring new productions to the city.

Smith said he would be wooing U.S. and U.K. productions, though he refused to name specific films.

He said he was optimistic about the prospects for the studio.

"One of the great attributes is the skills of the technicians and the depth of talent available to producers who come to Toronto," Smith said.

Asked about the fluctuating dollar, which continues to contribute to uncertainty for film production in Toronto, he said that Pinewood takes "a long-term view."

The marketing deal is part of a change of ownership at the Toronto studio that saw the City of Toronto take a stake as a minority investor.

The new investor group comprises Comweb Corporation, ROI Capital, the City of Toronto Economic Development Corporation (TEDCO) and Castlepoint Realty Partners.

Toronto real estate developer Alfredo Romano of Castlepoint joined with the city and ROI Capital to buy the 80 per cent share held by studio founder Sam Reisman of the Rose Corp.