SK Tele­com sets up es­ports ven­ture with Com­cast

The Korea Times - - BUSINESS - By Jun Ji-hye [email protected]­re­atimes.co.kr

SK Tele­com has set up a joint es­ports ven­ture with U.S. media and en­ter­tain­ment com­pany Com­cast to de­velop busi­ness mod­els in the global es­ports mar­ket, which is pro­jected to be worth more than 3 tril­lion won ($2.5 bil­lion) by 2022, the Korean com­pany said Fri­day.

The es­tab­lish­ment of the joint ven­ture came af­ter the na­tion’s top mo­bile car­rier signed a strate­gic part­ner­ship with Com­cast Spec­ta­cor to push for var­i­ous joint busi­nesses in es­ports and games at the Mo­bile World Congress (MWC) 2019 in Barcelona in Fe­bru­ary.

SK Tele­com is the largest share­holder of the joint ven­ture, dubbed SK Tele­com CS T1, with a 55 per­cent stake.

Com­cast and U.S. as­set man­age­ment com­pany High­land Cap­i­tal Man­age­ment have in­vested $41 mil­lion as the sec­ond-largest and third-largest share­hold­ers, re­spec­tively.

Com­cast is the world’s sec­ond-largest ca­ble tele­vi­sion and broad­cast­ing com­pany. Com­cast Spec­ta­cor is re­spon­si­ble for Com­cast’s sports and en­ter­tain­ment busi­ness.

The joint ven­ture head of­fice in Seoul will be in charge of find­ing busi­ness mod­els, op­er­at­ing es­ports teams based in Asia and cre­at­ing pro­fes­sional con­tent, ac­cord­ing to SK Tele­com.

A sub­sidiary in Los An­ge­les will take charge of es­ports teams based in North Amer­ica.

“The es­tab­lish­ment of SK Tele­com CS T1 will give a chance for es­ports, which be­gan in Korea, to be­come an ex­port in­dus­try,” said Huh Seok-joon who heads the SK Tele­com pri­vate place­ment group. “We will swiftly push for es­ports busi­nesses around the world and ex­pand co­op­er­a­tion with a va­ri­ety of global es­ports com­pa­nies.”

Ac­cord­ing to Gold­man Sachs, the scale of the global es­ports mar­ket is ex­pected to reach $2.9 bil­lion in 2022 from $869 mil­lion last year.

Cour­tesy of SK Tele­com

SK Tele­com CEO Park Jung-ho, left, shakes hands with Tucker Roberts, who su­per­vises Com­cast’s es­ports busi­ness, af­ter sign­ing a strate­gic part­ner­ship for global es­ports col­lab­o­ra­tion at the Renaissanc­e Ho­tel in Barcelona.

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