Korean Sidus sets film fund

Prod'n house is contributing $6.3 million of its own capital

Korean production house Sidus FNH and parent company, Korea Telecom, have assembled a five-year, $31.8 million production fund with new venture capital firm Vanex Investment.

The move, which follows an identically sized fund launched by Sidus and KT in June, will allow Sidus to bankroll its own films and secure a higher rate of return. It is contributing $6.3 million of its own capital to the fund.

Sidus has long been rumored to be planning to launch a distribution arm and many interpret the fund as a step in this direction.

The company divides its releases between CJ Entertainment and Showbox.

With 11 releases this year, including gambling caper “Tazza,” which has topped $45 million at the local box office, Sidus is South Korea’s most prolific production house by far.

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