League of Legends developer, Riot Games is now fully owned by Tencent, China’s largest internet company.
Tencent already owned a majority share of Riot Games since 2011 after first investing in 2009 and having a Chinese distribution deal for League of Legends since November, 2008. The recent transaction to acquire the rest of the shares is rumoured to have cost an additional $400 million.
The announcement reads:
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.
We’re excited about the flexibility of this new approach to comp and believe it’ll help us continue to ensure Riot remains a great place to work.