Chinese entertainment to artificial intelligence company Tencent and U.S. game developer and esports tournament organizer Riot Games have created a joint venture company called Tengjing Sports & Culture Development (Shanghai) Co. Ltd.
With the establishment of Tengjing Sports, with a registered capital of 530 million yuan ($78.3 million), the League of Legends (LPL) will now officially operate as an independent company and is no longer a part of a franchise deal.
Tengjing Sports is expected to operate LPL as an independent company and boost the overall efficiency.
In addition, Tengjing Sports revealed the 3-year development goals for the LPL, that is, to achieve a total of $147.8 million in revenue, to achieve a total of 4 billion hours watched for the LPL and LPL to become one of China’s most valuable sports internet protocol.