Intel Extreme Masters (IEM) is a videogame tournament. In this particular case, they're referring to the "League of Legends" portion of the tournament.
Mark Cuban is a rich guy who owns a sports team and is on some TV show called Shark Tank or something. He participated in the event by playing a showmatch with four popular League of Legends players on his team, vs Brian Krzanich (Intel CEO) and four more popular LoL players.
"fuck" is usually banned from broadcasts. In this case, there's no legal reason for it, but it is likely ESL (tournament host) policy to keep the broadcast clean.
As an aside, the showmatch was a huge letdown. Cuban clearly had no idea what was going on, but wanted to play well and was trying his best, following instruction from the pros with him. Brian K clearly had never played a videogame before and didn't try to learn.