South Korean mobile telecommunications operator SK Telecom, and its recently acquired subsidiary Hanaro Telecom, are investing $10m in the Benex Culture Contents Investment Fund.

The new fund will invest a total of $25.1m in local films and TV drama series over seven years, starting this August.

SK and Hanaro are putting in $5m each, while Korea Fund of Funds is investing $7.5m, Benex Investment $5.1m, and Asia Star is adding $2.5m.

The fund was created for investment and distribution for films, to strengthen content for IPTV and mobile convergence. Also, it will invest in terrestrial TV broadcast dramas to be provided to Hanaro's IPTV service HanaTV.

A recent entrant to film, SK previously invested in and distributed Once Upon A Time In Corea, Three Kingdoms: Resurrection Of The Dragon, and L: Change The Worldin the first half of 2008.