Korean advertising agency Hancomm, a subsidiary of Korea 's 16th-ranked conglomerate Hanhwa Corp, has announced a $13m fund for cultural content - 70% of which will be used for films.

The fund will also invest in television dramas and performances. Among others joining the fund are Hanhwa Venture Capital Corp, Hanhwa affiliate Korean Life Insurance Co, CJ Entertainment, CJ Media and Yellow Entertainment.

Hancomm stated it will use its established advertising agency business in conjunction to the films, dramas and performances as a foundation for advertising, product placement, sponsorship and enhanced investment opportunities. The company also alluded to plans to invest in overseas content.

Using the new fund as a first step into the film industry, the company is also looking to invest in individual films by itself and does not rule out later going into production, distribution and/or exhibition.

Hancomm's parent company Hanhwa Corp has twice as many assets and is ranked higher in the financial industry than CJ Corp, whose subsidiary CJ Entertainment is currently the film sector's investment and distribution leader.

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