Chinese microblogging and social media platform Weibo has purchased a slot in League of Legends’ franchised league, the LPL, from esports organisation Suning Gaming.
The agreement, which was officially announced on the social media platform, sees Suning be renamed to Weibo Gaming.
Both parties have not disclosed any financial information, however, Weibo Gaming will also take over Suning’s academy team.
Suning is a company known mostly for being one of the largest non-government retailers in China, with more than 10,000 stores nationwide. The company entered esports in 2015 and their League of Legends team has since been a staple of Chinese esports, most notably reaching the finals of the League of Legends World Championship in 2020.
Weibo, on the other hand, is one of the biggest social media platforms in China, with more than 500 million monthly users. Weibo Gaming, the company’s esports and gaming division, currently has partnerships with Huya.com, HP, KFC, and OnePlus.
Weibo has also announced that the acquisition will be followed by new mobile rosters in Hearthstone and League of Legends, according to translations of the original Weibo post. Weibo Gaming already competes in League of Legends: Wild Rift, as well as PUBG Mobile and Arena of Valor.
RELATED: Suning secures OnePlus partnership
Providing there are no trades or buyouts, Weibo Gaming is set to compete in the LPL with Suning’s 2021 line-up with all five members signing for the organisation.
Esports Insider says: Suning selling its slot in the LPL is not that big of a surprise, considering the retailer’s financial struggles during the pandemic. Weibo joining the LPL could prove to be huge for the ecosystem. Moreover, the organisation now has teams in some of the most-watched titles across Asia.
About Esportsreporter.com: A leading news channel for all things eSports and gaming. Publishing the most relevant breaking news for esports and gaming including coverage of industry trends and guides on the business of eSports and gaming for investors and aspiring eSports and gaming professionals.
Esportsreporter.com is a wholly owned subsidiary of Appsoft Technologies, Inc. (OTC:ASFT) a publicly traded development stage company aspiring to be a leading contender in the esports, gaming and mobile apps industry.
Safe Harbor Statement
This communication may include certain statements that are not descriptions of historical facts but are forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements may include the description of our plans and objectives for future operations, assumptions underlying such plans and objectives, and other forward-looking terminology such as “may,” “expects,” “believes,” “anticipates,” “intends,” “projects,” or similar terms, variations of such terms or the negative of such terms. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein. Such information is based upon various assumptions made by, and expectations of, our management that were reasonable when made but may prove to be incorrect. All of such assumptions are inherently subject to significant economic and competitive uncertainties and contingencies beyond our control and upon assumptions with respect to the future business decisions which are subject to change. Accordingly, there can be no assurance that actual results will meet expectation and actual results may vary (perhaps materially) from certain of the results anticipated herein.