\tSK Telecom (SKT) and US-based media giant Comcast established an e-sports company with the goal of attracting overseas investment and expanding the market outside of South Korea.<\/p>\n
SKT holds a 55 per cent stake in the company, which it said is valued at KRW110 billion ($92.6 million). Comcast and US Fund Highland Capital together invested $41 million and are the second- and third-largest shareholders, respectively.<\/p>\n
The SK Telecom CS T1 (T1) venture will be based in Seoul with a regional office in Los Angeles. SKT\u2019s e-sports team is called T1.<\/p>\n
In a statement, SKT said the joint venture is focused on developing new business, operating clubs in Asia and producing professional content.<\/p>\n
Huh Seok-jun, head of SKT\u2019s private placement group, said: \u201cWith the establishment of T1, e-sports, which started in Korea, can grow into an export industry. We will expand our cooperation with global e-sports companies.\u201d<\/p>\n
SKT and Comcast signed a strategic partnership agreeing to form the global e-sports joint venture at MWC19 Barcelona in February.<\/p>\n
The operator said the companies will use their global networks, telecoms and media capabilities to expand the global e-sports market. They also plan to promote gaming content production, streaming services and related merchandise.<\/p>\n
Goldman Sachs forecast the value of the global e-sports market would increase from $86 million in 2018 to nearly $3 billion by 2022, with annual growth of about 35 per cent.<\/p>\n","protected":false},"excerpt":{"rendered":"
SK Telecom (SKT) and US-based media giant Comcast established an e-sports company with the goal …<\/p>\n
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