Tencent acquires majority stake in Riot Games

Riot Games is well known for creating the free-to-play real-time strategy League of Legends, which is currently open for play on Southeast Asia servers. The company recently announced that Tencent Holdings Limited, China's largest Internet service provider, had taken a majority stake in the game development company.

While financial terms of the agreement were not released, Riot Games' chief executive Brandon Beck said that the Tencent investment will provide it with "additional resources" to focus on maintaining League of Legends while providing opportunities to "launch new projects."

Tencent obtained the Chinese rights to the RTS game back in 2008. Recently, the company stated that it planned to launch a 5 billion yuan (approx US$762 million) project to help invest in online gaming and e-commerce in China.