SK Telecom and Comcast Spectacor have reached a deal to form a global esports joint venture. The newly created entity, to be named T1 Entertainment & Sports, will include the ultra successful SK Telecom T1 League of Legends (LoL) Champions Korea (LCK) team, as well as teams in competitive gaming segments that include Fortnite, PlayerUnknown’s Battlegrounds, Super Smash Brothers, Hearthstone and Apex Legends.
The announcement was made today by Park Jung-Ho, President and CEO of SK Telecom and Tucker Roberts, President of Comcast Spectacor’s Spectacor Gaming division, at the Mobile World Congress 2019 exhibition in Barcelona.
The transaction is subject to formal documentation and pending regulatory and other approvals, as well as other customary closing conditions.
The Philadelphia Fusion and Fusion University Overwatch Contenders franchises will not be part of the T1 joint venture and will remain fully owned and operated by Comcast Spectacor.
T1 Entertainment & Sports will operate in Seoul, Philadelphia and Los Angeles.
The T1 joint venture will combine the strengths of two successful esports organizations, forming one of the top esports organizations in the world.
“We are delighted to announce the joint venture with Comcast Spectacor. We at SK Telecom feel that esports is becoming increasingly more popular, especially among the young generation. We have thus founded T1 in 2004 and made the number one team in Korea,” said Park Jung-Ho. “Together with Comcast Spectacor, we hope to become the global number one team.”
The SKT T1 LoL team has already won three World Championships and has an established and loyal fan base. The United States and South Korea rank as the largest and third largest global esports markets, respectively, in this fast-growing space.
“This joint venture marks a significant step for Comcast Spectacor’s esports business as we expand globally and join forces with the most successful League of Legends team in history,” said Tucker Roberts. “We’re excited to form a premier esports organization with SK Telecom and grow our businesses in new directions.”
Image over the headline.- SK Telecom CEO, Park Jung-Ho -left- , and Comcast Spectacor President of Spectacor Gaming, Tucker Roberts, at Mobile World Congress in Barcelona upon the announcement of “T1 Entertainment & Sports,” a global esports joint venture. Photo: Business Wire
