TSM, one of the biggest esports organizations in North America, is reportedly considering a pause in its gaming operations, including its roster’s participation in the League of Legends Championship Series (LCS).
According to a report by the Sports Business Journal and Dexerto, TSM has been hit by a series of layoffs as the company plans to reduce its workforce. The move comes as TSM faces a big financial hit after losing $210 million in 10 years worth of naming rights following the collapse of the cryptocurrency exchange FTX, which was partnered with the former.
The report also cites George Geddes’ Twitter account as a source of information. Geddes credits SBJ for being the first to crack the story. TSM CEO Andy “Reginald” Dinh has said that the company’s status will be made public over a period of 4-5 months, citing the business had “expanded too quickly”. The layoffs saw the company’s COO and Vice President leave as well.
In a press release, TSM stated that it is stable and profitable, and it continues to forecast profitability for this year, next year, and beyond. The Sports Business Journal claims that there will be even deeper cutbacks within the organization. It has been reported that TSM will temporarily halt some of its esports activities, including the possibility of selling its LCS spot.
TSM currently invests in several games, including Valorant, League of Legends, Apex Legends, and Fortnite. However, the company plans to stay focused on the Blitz application, which helps players hone their skills in games like League of Legends and Valorant. In the past, TSM revealed its plans of venturing into Counter-Strike: Global Offensive, but with the current report, its return to the first-person shooter seems highly unlikely. Despite having a winning record in Rainbow Six esports (five trophies over three years, including a world championship), TSM suddenly pulled out of the scene in February.
TSM has participated in every LCS season since 2013, although it has remained trophy-less for the last three years. For more updates on the happenings around TSM, follow TalkEsport on Google News.
In conclusion, TSM’s decision to pause its gaming operations is a significant development for the esports industry, and it remains to be seen how the move will impact TSM’s future. The esports community will be watching closely as the story develops.
