Comcast Spectactor, the Comcast division focused on sports and entertainment, announced Monday its plans to set up a joint venture alongside South Korea’s SK Telecom in a bid to increase its global footprint in competitive gaming.
The new company, to be called T1 Entertainment & Sports, will build on Seoul-based SK Telecom’s existing esports operations; its T1 League of Legends team has three World Championships under its belt. The new company will also comprise competitive Fortnite, PUBG, Super Smash Bros, Hearthstone and Apex Legends teams.
“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, who presides at Comcast Spectacor’s gaming division. “We’re excited to form a premier esports organization with SK Telecom and grow our businesses in new directions.”
Together with @SKtelecom we’re excited to announce our new global esports joint venture, T1 Entertainment & Sports. We're thrilled to expand our competitive gaming portfolio, now including the most successful @LeagueOfLegends team in history @sktelecom_t1 https://t.co/lHpmxbGOBu pic.twitter.com/yxo1DHYCq5
— Comcast Spectacor (@ComcstSpectacor) February 25, 2019
No financial terms were disclosed from the deal, but the company did specify that the Philadelphia Fusion — Philly’s official Overwatch team, which is owned by Comcast Spectacor — and the Fusion University Overwatch Contenders franchise will not be part of the joint venture. T1 Entertainment & Sports will have operations in Seoul, Philadelphia and Los Angeles.
“We are delighted to announce the joint venture with Comcast Spectacor,” SK Telecom CEO Park Jung-Ho said. “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. Together with Comcast Spectacor, we hope to become the global number one team.”
Comcast Spectacor, which owns the Philadelphia Flyers and operates the Wells Fargo Center, recently led an investment in local esports talent developer and tournament organizer N3rd St. Gamers.-30-