SK Telecom and Comcast Spectacor Announce Global Esports Joint VentureFebruary 25th, 2019
Combination of SKT T1 League of Legends LCK Team, Plus Fortnite, PUBG, Super Smash Bros, Hearthstone and Apex Legends Teams Creates Premier Global Esports Company
Newly Formed T1 Entertainment & Sports Joint Venture to Feature Operations in Seoul, Philadelphia and Los Angeles
BARCELONA, SPAIN (February 25, 2019) – 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.