Tencent Holdings has acquired a majority stake in Riot Games, the developer of online game League of Legends. Financial terms were not disclosed.
Tencent is China’s largest internet portal and has a leading position in instant messaging. The Shenzhen-based company gets its revenues from internet value-added services, mobile and telecommunications value-added services and online advertising. Tencent listed on the Hong Kong stock exchange in mid-2004 in an initial public offering led by Goldman Sachs.
Riot Games was set up in 2006 by Brandon Beck and Marc Merrill. The two twenty-something-year-olds had an idea to develop video and online games that could be played in short stretches of time, for example during a lunch...
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