Ubisoft announced Thursday it is spinning off three of its biggest franchises – “Assassin’s Creed,” “Far Cry” and “Rainbow Six” – into a new subsidiary backed by Tencent.
The new division will be funded by Chinese tech company to the tune of $1.25 billion. According to Ubisoft, the new group will “focus on building game ecosystems designed to become truly evergreen and multi-platform.”
“Today Ubisoft is opening a new chapter in its history,” Yves Guillemot, the co-founder and CEO, said. “As we accelerate the company’s transformation, this is a foundational step in changing Ubisoft’s operating model that will enable us to be both agile and ambitious. We are focused on building strong game ecosystems designed to become evergreen, growing high-performing brands and creating new IPs powered by cutting-edge and emerging technologies. With the creation of a dedicated subsidiary that will spearhead development for three of our largest franchises and the onboarding of Tencent as a minority investor, we are crystalizing the value of our assets, strengthening our balance sheet and creating the best conditions for these franchises’ long-term growth and success.”
News of the new divisions comes months after speculation of Ubisoft’s sale sparked after the gaming company assigned advisors to review strategic options. It also comes a week after the release of the latest entry in the “Assassin’s Creed” franchise – “Assassin’s Creed: Shadows.” The new game is set in feudal Japan and received mostly positive reviews among critics.
“We are committed to building a sharper, more focused organization — one where talented teams will take our brands to the next level, accelerate the growth of emerging franchises, and lead innovation in next-generation technologies and services, all with the goal of delivering enriching, memorable games that exceed players’ expectations, and create superior value for our shareholders and other stakeholders,” Guillemot concluded.
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