Tencent Completes Purchase of Riot Games

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Tencent has purchased the remaining portion of Riot Games that it did not own.

Terms of the deal were not disclosed. Tencent of Shenzhen, China reportedly owned 93 percent of Riot Games before the deal. Tencent first purchased a majority stake in Riot in 2011 for $231 million and since has incrementally increased its ownership.

Riot Games of West Los Angeles is known for the wildly popular video game League of Legends. The company has parlayed that game’s popularity into professional video game leagues. The League of Legends championship sold out the Staples Center arena in 2013.

Riot is also known for having generous salaries and compensation packages for its more than 1,000 employees. As part of the sale to Tencent, Riot also announced in a blog post it would move from equity based compensation to purely cash-based compensation for its employees.

Technology reporter Garrett Reim can be reached at [email protected]. Follow him on Twitter @garrettreim for the latest in L.A. tech news.

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