China's Tencent buys US Riot Games majority stake

Feb 06, 2011
A man plays online games at an internet cafe in Beijing. Chinese Internet firm Tencent has taken a majority stake in US online game developer Riot Games, less than two weeks after announcing plans to launch a $760 million fund to invest in such companies.

Chinese Internet firm Tencent has taken a majority stake in US online game developer Riot Games less than two weeks after announcing plans to launch a $760 million fund to invest in such companies.

Tencent, one of the leading online game companies in China, will provide financial backing as Riot Games expands into new markets and develops games, the companies said in a joint statement released in the United States Friday.

Financial terms of the agreement were not released. The deal is subject to regulatory approval.

"Tencent's investment will provide our talented team... with additional resources to focus on innovating around League of Legends and launching new projects that push the boundaries in the gaming space," Riot Games chief executive Brandon Beck said.

Tencent obtained the Chinese rights to League of Legends -- a free multiplayer online battle-arena game -- in 2008 and is planning to test it this year in the world's biggest of 457 million users, according to the statement.

The Chinese group announced last month that it plans to launch a five-billion-yuan fund to invest in online gaming, e-commerce and new media companies.

It was not clear whether Tencent would use the investment fund to finance the Riot Games deal.

Explore further: Google hits back at rivals with futuristic HQ plan

add to favorites email to friend print save as pdf

Related Stories

China Internet firms made to apologise over feud

Nov 22, 2010

Two of China's leading Internet firms have been forced by the government to issue public apologies over a nasty spat marked by accusations of unfair market practices and privacy infringement.

Lycos gets into online gaming

Mar 10, 2006

Internet search giant Lycos entered the online gaming war this week with the launch of its Lycos Games service.

Shanda Games IPO gets tepid reception

Sep 25, 2009

(AP) -- Shanda Games Ltd., a Chinese video game company, raised $1 billion Friday in the largest initial public offering of the year.

Recommended for you

Google hits back at rivals with futuristic HQ plan

15 hours ago

Google unveiled plans Friday for a new campus headquarters integrating wildlife and sweeping waterways, aiming to make a big statement in Silicon Valley—which is already seeing ambitious projects from Apple ...

Ericsson sues Apple over patent violations

23 hours ago

Swedish telecoms group Ericsson announced Friday a lawsuit against Apple claiming that the US tech giant continued to use its technology in iPhones and other wireless devices after refusing to renew a licencing ...

Stock market shrugs off net neutrality vote

Feb 27, 2015

(AP)—The stock market largely shrugged off the Federal Communications Commission's vote to impose tougher rules on broadband providers like Comcast, Verizon and AT&T to prevent them from creating paid fast lanes for the ...

Judge orders suspension of WhatsApp in Brazil

Feb 26, 2015

(AP)—A judge says he has ordered the suspension of the globally popular instant messaging system WhatsApp across Brazil because it has allegedly failed to help in an investigation.

User comments : 0

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.