Tencent to take 29% stake in multiplayer games maker Funcom

Chinese social media and gaming giant Tencent is taking a 29% stake to become the largest shareholder in Oslo-based Funcom.

The indie games developer is responsible for multiple adaptations involving the Conan the Barbarian franchise, such as Age of Conan and Conan Exiles, as well as a number of other multiplayer titles — including a forthcoming open world sandbox game that will be set in the Dune sci-fi universe.

The news that Tencent has entered into a share purchase agreement to acquire almost a third of the company was announced in a press release today. The Chinese giant has agreed to acquire all the shares belonging to the Norway-based KGJ Capital AS, which is currently the largest shareholder in Funcom.

Commenting in a statement, Funcom CEO Rui Casais said: “Tencent has a reputation for being a responsible long-term investor, and for its renowned operational capabilities in online games. The insight, experience, and knowledge that Tencent will bring is of great value to us and we look forward to working closely with them as we continue to develop great games and build a successful future for Funcom.”

Tencent, which has a substantial games operation of its own, also holds stakes in a number of other major games makers — including Riot Games, Epic, Supercell, Ubisoft, Paradox, Frontier and Miniclip.

A prolonged games licensing freeze in China dented Tencent’s profits last year. And earlier this year, while it reported record profits in its Q1 it also recorded its slowest revenue growth since going public.

Regulatory risk at home is one reason for Tencent to expand its stakes in overseas games developers and tap into a global audience to stoke growth.

from TechCrunch https://ift.tt/2oACS17

Comments

Crypto exchange Binance prepares to add margin trading ‘soon’

Binance, the world’s most prominent crypto exchange, says it is close to adding a much-anticipated margin trading feature to its service following weeks of speculation. The company tweeted confirmation of the upcoming feature in a screenshot which subtly teases the imminent arrival of margin trading options. Binance CEO Changpeng Zhao (pictured above) first revealed that the feature was headed to Binance during a live stream following a hack earlier this month that saw Binance lose around $40 million in Bitcoin . TechCrunch understands that margin trading has been beta tested among selected users. A Binance representative declined to comment on the specifics, but did confirm that margin trading will be available on Binance.com “soon.” Dark mode or Light mode ? #Binance pic.twitter.com/pGSb1np4yp — Binance (@binance) May 24, 2019 Margin trading, which lets traders use their balance as collateral to super-size their buying power, is seen by many as an important growth vec

World Economic Forum launches Global AI Council to address governance gaps

The World Economic Forum is creating a series of councils that create policy recommendations for use of things like AI, blockchain, and precision medicine. Read More from VentureBeat http://bit.ly/2EKBjD4

The hidden cost of food delivery

Noah Lichtenstein Contributor Share on Twitter Noah Lichtenstein is the founder and managing partner of Crossover , a diversified private technology fund backed by institutional investors, technology execs and professional athletes and entertainers. More posts by this contributor What Studying Students Teaches Us About Great Apps I’ll admit it: When it comes to food, I’m lazy. There are dozens of great dining options within a few blocks of my home, yet I still end up ordering food through delivery apps four or five times per week. With the growing coronavirus pandemic closing restaurants and consumers self-isolating, it is likely we will see a spike in food delivery much like the 20% jump China reported during the peak of its crisis. With the food delivery sector rocketing toward a projected $365 billion by the end of the decade, I’m clearly not the only one turning to delivery apps even before the pandemic hit. Thanks to technology (and VC funding) we can get a ri

All Things Tech

Search This Blog