SK Telecom (NYSE: SKM) and Comcast Spectacor today announced that they signed a strategic partnership agreement to cooperate in the esports business, including the establishment of a global esports joint venture. The agreement signing ceremony was held on February 24 with the attendance of Park Jung-ho, CEO and President of SK Telecom, and Tucker Roberts, the president of Spectacor Gaming division of Comcast Spectacor, at MWC 2019 being held in Barcelona, Spain.
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. It has proven its extensive know-how by leading the team to the Grand Finals. In addition, Comcast Spectacor operates the Wells Fargo Center arena as well as many professional sports teams including Philadelphia Flyers, a professional ice hockey team playing in the National Hockey League, and Philadelphia Wings, a National Lacrosse League team.
Moreover, Comcast Spectacor is 100 percent owned subsidiary of Comcast Corporation, a global media and technology leader with over 54 million subscribers across the world.
Under the agreement, SK Telecom and Comcast Spectacor will promote the establishment of a joint venture company to engage in joint business activities, such as joint operation of global esports teams and development of esports content.
SK Telecom operates ‘SK Telecom T1,’ a professional Korean League of Legends (LoL) 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 esports fans.