In a post on their website, Riot Games has announced that the company’s majority investor has upgraded their status to full ownership — and there’ll be changes.
If you weren’t aware, the Chinese corporation Tencent has been a majority owner of Riot Games for a while. I say corporation deliberately, because it’s grown into a gargantuan investment firm following its humble origins as the provider of the online messenger service OICQ. (Which ICQ, obviously, sued them over.)
Tencent has a lot of fingers in the gaming market though: they spent around US$230 million for a majority stake in Riot back in 2011, acquired a 14.6% share of GLU mobile for US$126 million this year, and has held a minority share in Epic Games since the beginning of the 2012-13 financial year.
Riot’s now fully owned by Tencent, although the post on the website doesn’t outline how much Tencent paid. It does, however, explain that the move will allow the company to transition from the current equity incentive program to cash-based incentives.
“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,” Riot, which was ranked #13 on Fortune’s best companies to work for this year, said.