China's biggest Internet company, Tencent, has reportedly acquired a majority stake in Los Angeles-based Riot Games for the sum of $350 million. Tencent has already acquired a number of other Western properties, including Crytek's free-to-play FPS and Take-Two's NBA 2K Online, and also runs the QQ messaging service, boasting over 600 million-plus users. Riot makes League of Legends, the free-to-play DotA-style multiplayer title, and has said it will stay in Los Angeles and continue to "aggressively" hire through 2011.

This deal likely won't affect the day-to-day of League of Legends (or any other titles Riot has under development), but given Tencent's contacts and assets in China, Riot will likely get a lot of help in spreading its games to players overseas. The transaction is still subject to regulatory measures, but is expected to close within 30 days.

This article was originally published on Joystiq.