[THE INVESTOR] Huayi Brothers announced on Sept. 19 that it will set up Huayi Investment, a venture capital firm that specializes in investment in cultural contents by end-September.

The entertainment company will create a 50 billion won (US$44.64 million) fund that focuses on contents from South Korea and China within this year, and will invest in projects such as movies, dramas and web comics, and in media and contents-related startups.

“We aim to build a virtuous cycle within the company by investing in a variety of intellectual properties and media and contents related startups,” said the company CEO Ji Seung-beom. It will also secure profit by actively investing in contents developed by Huayi Brothers China, its largest stakeholder, he added.

The South Korean unit has been seeking to diversify its businesses and earlier this month acquired visual effects studio Mad Man Post whose works include blockbuster movies “The Tunnel” (2016) and “Roaring Currents” (2014).

By Hwang You-mee (glamazon@heraldcorp.com)