Movie production fund has a 7 year lifespan
Korean mobile phones giant SK Telecom has added its weight to a new $25 million movie production fund. SKT and its recently acquired Hanarotelecom unit are each putting $5 million into the Benex Digital Culture Content Investment Assn., which is headed by fund manager Benex Investment. The fund which has a 7 year lifespan has also corralled coin from Asia Star ($2.5 m), Korea Fund of Funds($7.5 m) and $5.1 million from Benex itself.Benex, which joined the film investment sector in September 2006 just as many other money managers were pulling out, has previously committed $28.5 million to 15 content investments, 12 of which were movies. Company is this year expected to deploy $30 million, with 60% going into movies and 40% into retail.