Major Korean production house Sidus FNH has created a $31.8m media fund with technology company Vanex, giving rise to speculation that the powerhouse film-maker has taken the first step towards self-distribution and international sales.

Sidus FNH announced that it invested $6.3m in the fund "in order to secure stable investment funds and expand investment profits for Sidus FNH films."Sidus FNH's recent hits, like gambling caper Tazza: The High Rollers and Zo In-sung starrer A Dirty Carnival, have been distributed and sold internationally by CJ Entertainment.

"As yet, we don't have any specific plans for going into distribution, such as which title to launch when," says Tony Choi, International Business & Acquisitions Manager at Sidus FNH. "But, this fund will make us the main investor in our own films. There's more risk to it, but you need to own the rights to films if you want to distribute and go into other areas of business more easily."

The result of a merger between Tcha Seung-jai's Sidus Pictures (Memories of Murder , Christmas in August) and Kim Mi-hee's Fun & Happiness (No Blood No Tears, Arahan), Sidus FNH went on KOSDAQ through a backdoor listing last year.

The company is also 51% owned by leading telecommunications operator Korea Telecom and its affiliate KTF.