League of Legends developer Riot has a new boss to answer too after Chinese company Tencent flatout bought the company. Riot Games announced the purchase in a post on their official site confirming Tencent Holdings Limited is under full control of Riot Games from now on.
“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. As part of this effort, our majority investor, Tencent, recently purchased the remaining equity of Riot Games. This allows us to move away from a Riot equity program towards a cash based incentive program that allows Rioters to share in Riot’s success.”
Tencent is one of China’s largest internet companies and now one of the world’s largest game companies as well with this recent purchase. Based in Shenzhen, Tencent holds minority stakes in other gaming companies such as Activision Blizzard, Epic Games, GLU Mobile and Pocket Gems.