SK Telecom and Comcast Spectacor Announce Global Esports Joint Venture
SK Telecom and Comcast Spectacor have reached a deal to form a global esports joint venture.
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.
“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.”
“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.”
The T1 joint venture will combine the strengths of two successful esports organizations, and will immediately become one of the top esports organizations in the world. 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. T1 Entertainment & Sports will feature operations in Seoul, Philadelphia and Los Angeles.
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.
About SK Telecom
SK Telecom is the largest mobile operator in Korea with nearly 50 percent of the market share. As the pioneer of all generations of mobile networks, the company has launched the fifth generation (5G) network on December 1, 2018. The company is not only leading innovations in the field of mobile network, but is also creating unprecedented value in areas such as media, security and commerce. In the Fourth Industrial Revolution, SK Telecom will inspire the world, building a future beyond expectations. For more information, please contact firstname.lastname@example.org or email@example.com.
About Comcast Spectacor
Comcast Spectacor is a professional sports and live entertainment company that is part of Comcast Corporation, a global media and technology leader that operates Comcast Cable, NBCUniversal and Sky. Headquartered in Philadelphia, Comcast Spectacor owns and operates the Wells Fargo Center arena and complex, as well as a portfolio of professional sports teams that includes the National Hockey League’s Philadelphia Flyers, the Overwatch League’s Philadelphia Fusion, the National Lacrosse League’s Philadelphia Wings and the Maine Mariners of the ECHL. Comcast Spectacor also holds strategic interest in several partner companies spanning the sports and entertainment landscape, including Spectra, Learfield IMG College, Xfinity Live! Philadelphia and N3rd Street Gamers. Visit us at ComcastSpectacor.com for more information.