Tencent Holdings' Riot Games plans to lay off 530 employees, or about 11% of its staff globally, the online gaming company said on Monday in a blog that included a letter to employees from CEO Dylan Jadeja. Los Angeles-based Riot, whose popular titles include "League of Legends", said teams outside of core development will see the largest impact from layoffs. Digital games publishers are struggling to grow, as audience hold off on buying expensive titles or stick to fewer games amid high inflation. Riot will stop new game development under "Riot Forge", and drop some staff and features in "Legends of Runeterra". Tencent, which acquired a majority stake in Riot Games in 2011, also holds stake in fellow US video game developer Epic Games.

Source: The Express Tribune January 23, 2024 16:07 UTC