SEOUL—As esports continues to grow in global popularity, South Korea’s SK Telecom and the U.S.-based Comcast have announced they are creating an international esports company, SK Telecom CS T1, or T1 for short.

The company will be headquartered in Seoul and SK Telecom will have a 55% stake in the venture, while Comcast and U.S. hedge fund Highland Capital will invest $41 million and be the second and third largest shareholders. There will be a U.S. regional office, T1 West, in Los Angeles.

T1, in addition to managing esports teams and merchandise, will seek to capitalize on SK Telecom and Comcast’s resources of global networks, telecommunication and media technology to produce and stream esports content. There are also plans, according to reports, to sell broadcast rights.