×

                                Tencent Bids for Control of Funcom ‘Conan’ Games Developer

                                China’s social media and gaming giant Tencent is bidding to buy control of Funcom, developer of the “Conan” and “Dune” games. The bid values the Norwegian company at $148 million.

                                Tencent already owns 29% of Funcom, and its bid has been unanimously approved by Funcom’s board of directors. No management changes are planned.

                                The shares of Funcom are listed on the stock exchange in Oslo. Tencent’s bid of NOK17 per share is approximately 27% higher than the stock’s closing price on Tuesday, before the bid was announced.

                                “We have had a great relationship with Tencent as our largest shareholder so far and we are excited about this opportunity,” said Funcom CEO Rui Casais in a statement published on its website. “We will continue to develop great games that people all over the world will play, and we believe that the support of Tencent will take Funcom to the next level. Tencent will provide Funcom with operational leverage and insights from its vast knowledge as the leading company in the game space.”

                                Listed in Hong Kong, and with a market capitalization of $473 billion (HK$3.68 trillion), Tencent is a shareholder in many leading gaming developers. It has stakes in companies including Riot Games, Epic, Supercell, Ubisoft, Paradox and Frontier.

                                Popular on Variety

                                More Gaming

                                • Activision-Blizzard-Overwatch-League-Grand-Finals-2018

                                  Overwatch League Cancels All March, April Events Due to Coronavirus

                                  The Overwatch League has cut all of its events through March and April, another major cancellation in gaming and esports as the industry grapples with COVID-19 (coronavirus). Activision Blizzard announced the move with a statement on Wednesday, the same day the World Health Organization declared coronavirus a global pandemic. The publisher said it’s monitoring “city-level [...]

                                • E3 2019

                                  E3 2020 Canceled After 'Overwhelming Concerns' About Coronavirus

                                  E3 organizers, bowing to the inevitable, announced that this year’s video-games conference scheduled for June in L.A. has been canceled because of the ongoing coronavirus epidemic. Last year’s Electronic Entertainment Expo, better known as E3, drew 66,100 attendees. The 2020 gaming showcase had been scheduled to run June 9-11 at the Los Angeles Convention Center [...]

                                • Jeff Sagansky Harry Sloan

                                  Jeff Sagansky, Harry Sloan Partner on $600 Million IPO

                                  Veteran Hollywood executives Jeff Sagansky and Harry Sloan are launching Flying Eagle Acquisition Corp. with a $600 million initial public offering. It’s the sixth public acquisition vehicle since 2011 launched by Sagansky and Sloan. These kind of acquisition companies have gained in popularity in recent years as a means for investors to participate in new [...]

                                • GDC

                                  Next Month's GDC Canceled After Companies Pull Out Over Coronavirus Concerns

                                  The annual Game Developers Conference (GDC) scheduled for next month in San Francisco has been canceled after multiple companies said they were sitting it out over fears of the coronavirus outbreak. However, GDC organizers said they planned to hold an event later this summer. GDC was set to run March 16-20 at the Moscone Center [...]

                                More From Our Brands

                                Access exclusive content

                                奇米第四手机在线观看