The deal was announced on Monday by First Minister Carwyn Jones and Pinewood Shepperton chief executive Ivan Dunleavy.
The Welsh government hopes the 180,000 sq ft complex will generate an estimated £90m for the economy.
“Attracting such an iconic global brand as Pinewood is wonderful news for Wales,” Mr Jones said.
“This high-profile investment is of significant economic value to Wales while the partnership between the Welsh government and Pinewood offers a priceless opportunity to promote Wales as a world-class location for film and television production.”
Pinewood and Shepperton Studios have created more than 1,500 films in more than 75 years, including the James Bond franchise and the Carry On series.
The announcement has been welcomed by Hollywood star Michael Sheen, from Port Talbot, who described the deal as great news.
Source – BBC NEWS