Tencent buys 'Rime' developer Tequila Works

Tencent has added yet another studio to its stable of game developers. On Tuesday, the company announced it recently acquired a majority stake in Tequila Works, the Madrid-based studio best known for its work on Rime. Financial terms of the deal weren’t disclosed, but Tequila Works said the investment would help take its games “to the next level.” The studio is currently working with Riot Games on Song of Nunu: A League of Legends Story. Incidentally, Riot Games is also owned by Tencent.

“We are delighted to ally with a partner that allows us to make Tequila Works a stronger studio with access to all the resources required to produce titles of the highest quality, all made with the care and passion our beloved fans know us for as well as the opportunity of bringing these projects to a wider audience,” said Tequila Works chairwoman Luz Sancho.

While Microsoft has dominated headlines with its high-profile acquisitions of Activision-Blizzard and Bethesda parent company ZeniMax Media, Tencent has quietly amassed an empire of its own. In 2021, it invested in more than 100 gaming-related companies, including Back 4 Blood developer Turtle Rock and Sumo Group in a deal that saw Tencent acquire the LittleBigPlanet 3 studio for $1.26 billion.