April 26, 2024

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SK Telecom and Comcast Spectacor on Feb. 25 agreed to establish an esports joint venture tasked with global team operation, content development and marketing to cash in on the fast growing entertainment segment. 

Korea’s leading mobile carrier and US media and entertainment giant Comcast‘s professional sports unit signed a memorandum of understanding in the electronic sports business on the first day of the MWC Barcelona, the largest mobile show of the year.

Under the agreement, the two companies will establish a JV company to operate global esports teams and develop related content together.

The companies didn’t elaborate on the venture’s equity structure and its launch schedule, citing the ongoing negotiation process.

“Esports is one of the fastest growing types of media content that young people care about today. That is why we are so excited with this joint venture,” Tucker Roberts, the president of the Spectacor Gaming division of Comcast Spectacor, said in a press briefing. “When looking at how young people consume content today, as well as the way 5G Internet evolves, esports is here to stay and will grow very quickly.”

SK Telecom operates SK Telecom T1, a professional Korean team that has won the World Championship three times. With star players like Lee Sang-hyeok, known by his in-game name Faker, SK Telecom T1 is very popular among global fans.

Comcast Spectacor is a professional sports and live entertainment company that owns and operates Philadelphia Fusion, one of the esports teams in the Overwatch League.

“This MOU 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, who also serves as the president of the professional gaming team Philadelphia Fusion. “We plan global distribution of the content, localized in different levels, whether it’s Korea or America or Europe.”

SK Telecom also expressed hope to expand a partnership with Comcast Spectacor in a wide range of areas, including media, content and lifestyles by leveraging their respective strength.

By Ram Garikipati and newswires (ram@heraldcorp.com)