South Korea’s leading telecommunications company KT Corp. signed a copyright contract with Hong Kong’s Lan Kwai Fong Group to team up in animation production of popular webcomics as a part of the IT company’s endeavors to strengthen soft power.

KT announced Friday that it will share its copyrights in five most popular webtoon titles published at webtoon platform KTOON with Lan Kwai Fong Group’s culture and entertainment business unit.

Shares of KT ended Friday 0.37 percent higher at 26,950 won ($25.25).

KT expects the deal could be an opportunity for Korean webcomics to enter the global market including China and the U.S. riding on the experience and network of the Hong Kong-based group in producing Hollywood movies. Lan Kwai Fong famous for the founder’s transition of a Hong Kong backstreet into the island’s iconic party district is involved in businesses ranging from real estate development to financial investments, bars and restaurants operation and film production and distribution.

“The contract proves the value of the intellectual properties of our KTOON,” said an official from KT, adding that it will work hard to produce contents that can sell well in various countries including China and the U.S., the world’s two largest contents markets. KT and Lan Kwai Fong plan to make additional license deals for other popular KTOON.

By Seo Dong-chul and Choi Mira

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]