December 19, 2021
Tencent Holdings, which owns and operates one of China’s largest subscription streaming video platforms, has acquired video game developer Turtle Rock Studios’ parent company, Slamfire. Financial terms of the deal were not disclosed.
Lake Forest, Calif.-based Turtle Rock will become part of Tencent, while retaining its independent operations, with its existing management team — led co-founders Phil Robb and Chris Ashton — continuing to run all operations. The acquisition has no effect on Back 4 Blood, Turtle Rock’s multiplayer action game, which is published by Warner Bros. Games.
Other well-known Turtle game titles include Evolve and Left 4 Dead.
“We are all looking forward to joining the Tencent family of studios,” Steve Goldstein, president and GM of Turtle Rock Studios, said in a statement. “Tencent’s outstanding partners, global reach, deep knowledge of gaming and unprecedented support will help us create the kinds of ambitious games we dream of, while allowing us to retain our autonomy and independent spirit.”
Eddie Chan, chief strategy officer of Tencent Games Global, said the company has been a longtime fan of Turtle Rock’s games, notably the company’s co-operative online franchises.
“We can’t wait to see what comes next, and we’re excited to be 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 its talent agency and Straddling, Yocca, Carlson & Rauth and Kabealo Law acted as legal counsel for Turtle Rock in the transaction.