League of Legends Dev Riot Games Now Fully Owned by Tencent

In the four years that followed, League of Legends became the most popular online game in the world, with 27 million daily active players last year and 67 million active monthly players.

Riot Games, developer behind worldwide MOBA hit League of Legends, has been purchased outright by Tencent Holdings Limited, which means that Riot is now fully controlled by the Chinese company.

A quiet announcement by Riot Games was made to their employees, saying that Tencent had taken over Riot Games, and better compensation plans were under consideration.

Though the financial details of the transaction were not disclosed, a report says that prior to the deal, Tencent owned 93 percent of Riot’s stakes.

Among the changes is a move towards a cash based incentive program rather than the equity based program it was using.

The firm confirmed current benefits for full-time staff – such as competitive salaries, open PTO, learning and development programs, and more – will not be changed.

Riot Games was founded in 2006 and received its first major funding in 2009 raising $8 million from Benchmark, First Mark Capital and Tencent. It runs the QQ instant messenger service, distributes music online and operates several multiplayer games. The Shenzhen-based corporation holds minority, yet substantial stakes in companies like Activision Blizzard, Epic Games, GLU Mobile, and Pocket Gems, in addition to it’s now-total ownership in Riot Games.