TenCent the Chinese technological behemoth that operates the popular Chinese FPS Cross Fire and holds a minority stake in Epic Games among other entertainment ventures has purchased the remaining equity in League of Legends developer Riot Games.
This change in ownership was announced via Riot Game’s official website. They say that this allow them to offer more competitive wages and benefits to the employees while continuing their upward growth.
Here’s the full statement as it appears on Riot’s website:
“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. 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.”
TenCent originally invested a reported $400 million USD in Riot Games in return for a majority share in 2011. After this acquisition it was reported that League has earned Riot more than $960+ million dollars per year according to their 2014 financials.
Considering that this is a business transaction I don’t think that existing League players should be too concerned about their favorite heroes disappearing into the aether.