이 기사는 2021년 04월 29일 07:59 thebell 에 표출된 기사입니다.

South Korea’s multi-channel network company Sandbox Network’s e-sports subsidiary Liiv Sandbox is seeking to raise funds to capitalize on growing popularity of e-sports in the country.

Sandbox Network has started a process to select a manager to handle its e-sports club Liiv Sandbox’s fundraising, industry sources said on Tuesday. Liiv Sandbox is reportedly valued at around 50 billion won ($45 million). Liiv Sandbox currently operates League of Legends, Kart Rider and FIFA Online teams.

Liiv Sandbox, formerly known as Sandbox Gaming, was renamed in December 2020 after Kookmin Bank signed naming rights sponsorship with the company. Liiv is a mobile platform brand of the South Korean bank. Liiv Sandbax has also partnered with Logitech Korea and Boryung Consumer.

“The funding size is subject to change,” said an industry source. “It is known that Sandbox Network contacted several financial investors including private equity firms to grasp the market mood for investment.”

Sandbox Network is expected to retain enough shares to maintain its management rights of Liiv Sandbox even after the investment.

Such investment structure is similar to that of another e-sports club SKT CS T1, which is a joint venture established by its parent SK Telecom and U.S.-based Comcast Spectacor. SK Telecom owns around a 55% stake in the e-sports club, with the remaining stake owned by Comcast and global private equity firm Highland Capital Management.

KT is also looking for investors to establish its e-sports club KT Rolster as a joint venture. KT is expected to have at least 50% stake plus one share of the club.

Liiv Sandbox’s longer term collaboration with its parent Sandbox Network is likely to attract potential investors.

Founded in 2015, Sandbox Network has total 170 million subscribers and a 2.6 billion average monthly view count across its content creators. The company raised 50 billion won from Nexon Korea, Korea Development Bank, and Industrial Bank of Korea in November 2020. (Reporting by Byung-yoon Kim)