December 19, 2021
Tencent Holdings, which owns and operates one of China’s largest subscription video streaming platforms, has acquired the parent company of video game developer Turtle Rock Studios, Slamfire. Financial terms of the deal were not disclosed.
Turtle Rock, based in Lake Forest, Calif., Will be part of Tencent, while retaining its independent operations, with its existing management team – led co-founders Phil Robb and Chris Ashton – continuing to manage all operations. The acquisition has no effect on Back 4 Blood, the multiplayer action game from Turtle Rock, published by Warner Bros. Games.
Other well-known Turtle game titles include To evolve and Left for dead.
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“We are all looking forward to joining the Tencent family of studios,” said Steve Goldstein, president and CEO of Turtle Rock Studios, in a statement. “Tencent’s exceptional partners, global reach, deep game knowledge and unprecedented support will help us create the types of ambitious games we dream of, while allowing us to maintain our self-reliance and independent spirit. “
Eddie Chan, chief strategy officer for Tencent Games Global, said the company has been a long-time fan of Turtle Rock games, including the company’s cooperative online franchises.
“We can’t wait to see what comes next and we are excited to be a part of their future,” Chan said.
Juno Capital Partners represented Turtle Rock as M&A and strategic advisor, Creative Artists Agency represented Turtle Rock as arts agency and Straddling, Yocca, Carlson & Rauth and Kabealo Law acted as legal advisor to Turtle Rock in the transaction.