Tencent acquires majority stake in Riot Games
NEW YORK (Reuters) - Chinese Internet company Tencent Holdings (0700.HK) has acquired a majority stake in Riot Games, the video game developer and publisher said on Friday.
Tencent controls about one-third of China's online gaming market and runs the country's largest online messaging platform.
Financial terms of the deal were not disclosed.
Bloomberg News, citing a person with knowledge of the negotiations, reported earlier that Tencent was near a deal to acquire Riot Games for more than $350 million.
Last year Tencent bought a stake in Russia's Digital Sky Technologies.
Japanese mobile social gaming company Gree Inc (3632.T) said last month that it would share a common development platform with Tencent, China's largest Internet company by market value.
Riot Games will maintain independent operations and its existing management team, it said in a statement. It plans to hire "aggressively" in 2011, it said.
The transaction is expected to close within 30 days, subject to regulatory approvals, Riot Games said.
(Reporting by Clare Baldwin; editing by Carol Bishopric)
SAN FRANCISCO - At Pinterest, the four-year-old online bulletin board service that is valued near $3.8 billion, some 70 percent of the users are female. But the company's board of directors is 100 percent male. | Video
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.