Thursday, 10 October 2024
Article and comments
Chinese Internet company owns 40 percent of Epic Games

Added: 21.03.2013 21:24 | 0 views | 0 comments

New financial documents reveal Tencent paid $330 million for minority stake in Gears of War studio.

Epic Games announced last summer that Chinese Internet company Tencent had that the Chinese company owns 40 percent of the developer and has appointed two representatives to the Epic board of directors.

"In June 2012, Tencent made a minority investment in Epic Games, purchasing approximately 48.4 percent of outstanding shares of Epic stock, equating to 40 percent of total Epic capital inclusive of both stock and employee stock options," Sweeney said.

"As part of the investment, two Tencent representatives joined Epic's board of directors, in addition to the three directors and two observers appointed by Epic," he added. "We're thrilled to have a world-leading partner in Tencent, who gives Epic unique access to the Chinese market as we head into the next chapter of our 21-year history as a leading independent developer."

Recently published reveal that the Chinese company paid $330 million for its stake in Epic. Tencent said it decided to invest in Epic because the company is "driving change in the Internet industry" and its ambitions aligned with Tencent's own long-term strategic goal of creating "first-class products."

In the months after the deal was announced last summer, a number of high-profile Epic Games developers and executives left the company. First to leave was former producer studio Irrational Games.

In August, at the Epic-owned in October.

Former president Mike Capps announced he was .

In addition to Epic, Tencent developer Riot Games.

More in www.gamespot.com »

Tags: Games, Jump, First, Epic, Rick, Gears, Mini, Irrational, Irrational Games, Internet



Image with code
Comments:
advertising

Copyright © 2008 - 2024 Game news at Chat Place  - all rights reserved