According to recent reports by VP Esports and Chinese media outlet 36KR, the new company, called Tengjing Sports, will supervise operations related to League of Legends tournaments and other related products.
With the launch of Tengjing Sports, the League of Legends Pro League (LPL) will now operate as a completely independent entity and will no longer function as part of a franchise deal with the companies. The joint companies have a goal to push the LPL to 1 billion RMB in revenue and to achieve 4 billion hours watched, making it one of the most valuable sports in China.
To achieve these goals, Tengjing Sports plans to improve the LPL rules and regulations, optimize the league’s business model, and invest in the professional talent system to develop better pipelines for becoming professional.
The 2019 competitive League of Legends season is set to kick-off across the globe in January, with the North America series (LCS) set to launch on January 26.
Tencent was one of Riot Games earliest investors as well as the distributor of League of Legends in China. The company bought the remaining shares of Riot in 2015.