Comcast Spectacor, a Philadelphia-based sports and entertainment subsidiary of Comcast, announced this week that it has partnered with SK Telecom, the largest mobile operator in Korea, to create a new joint venture: T1 Entertainment & Sport.
The new venture will feature SK Telecom’s T1 League of Legends Champions Korea (LCK) team, in addition to new teams across titles including Fortnite, PlayerUnknown’s Battlegrounds (PUBG), Super Smash Brothers, Hearthstone and Apex Legends.
However, both the Philadelphia Fusion and Fusion University Overwatch Contenders franchises will remain under the full control of Comcast Spectacor.
“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 SK Telecom CEO 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,” added Tucker Roberts, the president of Spectacor Gaming. “We’re excited to form a premier esports organization with SK Telecom and grow our businesses in new directions.”
This partnership follows a growing trend of major esports and gaming companies forming joint ventures around leagues, teams and more.