Hollywood is about to get another cash injection from South Korea.
Execs from Gyeonggi province, Korea's entertainment center, Tuesday unveiled details of a $100 million investment fund for Korean and American joint ventures.
"We're planning to put together a $100 million global content fund with the backing of international venture capital groups," Kim Byung-heon, prexy of Gyeonggi Digital Contents Agency (GDCA), said. "In order to achieve the plan, Gyeonggi province should provide at least $20 million seed money."
The fund's investment targets will be movie, animation and game projects with global appeal.
Kim was due to outline the plan at Tuesday evening's Los Angeles launch of this year's Gyeonggi Hollywood Connection. Event highlights investment opportunities in Korea and the U.S. and this year features an animation project showcase.
GDCA has already committed $2 million to the $18.7 million Boston Visual Content Special Investment Assn. (BVCSIA) fund, managed by Korean venture capital firm Boston Investment Corp.
Fund is managed in co-operation with the Korean Film Council (Kofic) and is modeled on Korea Venture Investment Co.'s Korea Fund of Funds.
After investing in live-action movies, including hits "The Host" and "D-War" (released as "Dragon War" in North America), Boston has expanded its horizons to include feature animation and is co-operating with GDCA to identify animation investments.
It has already committed BVCSIA to invest $2 million in the $16 million 3-D toon "Dino Mom," being developed by Korean shingle Toiion under helmer Choi Yoon-seok.
To be set up as a Korea-U.S. co-production, pic is expected to be completed by 2010 and would likely be the first Korean-made animation released in the U.S.
BVCSIA is also putting $700,000 into "Ipsak: A hen Coming out of the Yard," a toon based on a fairy tale, which is being co-produced by Korean firms Odoltogi and MK Pictures.
In June the GDCA put up $2.4 million and pacted with Kofic, CJ Entertainment and CJ Internet and fund manager MVP Capital in another cash pool.
Founded in 2000, MVP's movie investment track record includes 2005 hit "The King and the Clown."
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