Tencent Completes Acquisition of League of Legends Creator Riot Games

23 Dec 2015 | Author: | No comments yet »

League of Legends Developer Riot Games Has Been Bought Out By Chinese Company Tencent.

Billion-dollar Chinese Internet firm Tencent bought a majority stake in Riot Games back in February 2011, and now it has closed out the deal by fully acquiring the games firm behind hit title ‘League of Legends’.In a blog post announced on Riot Games earlier today, the North American gaming company said that its majority shareholder, Tencent Holdings Limited, has purchased all remaining equity.

That’s according to a post from Riot Games — hat tip to Polygon for spotting — which disclosed a change to its equity and employee rewards structure after “our majority investor, Tencent, recently purchased the remaining equity of Riot Games.” Tencent is believed to have bought its 85 percent majority stake for “more than $350 million” according to a Wall Street Journal report written at the time. TCEHY -0.16 % said it had bought all of the shares in U.S. online-game company Riot Games it didn’t already own, in a deal that gives the Chinese Internet giant full control of the developer of the popular “League of Legends.” Riot’s “League of Legends,” one of the highest grossing online games with avid fans around the world, is an important asset for Tencent, analysts say. As a result of our continued growth and changing circumstances, we’re shifting to a new structure to recognize and reward Rioters’ contributions – and that first involves a big change to our existing equity program. Gaming is a core part of the company’s revenue, via its hugely popular QQ desktop messaging service and WeChat, China’s most popular mobile chat app with over 500 million users.

This program comes in addition to our highly competitive salaries, open PTO, learning and development programs, 401K match, subsidized medical plans, and kitchens stocked with snax (poro and otherwise) all full-time Rioters get.

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