Tencent set to snap up 17173.com in $1bn deal – report

Chinese internet giant Tencent has reportedly agreed a deal to acquire online gaming portal 17173.com.

The Marbridge Daily, citing industry sources, said that the deal is worth up to $1 billion (€880 million).

More than 57% of Tencent’s operating revenue is generated from online gaming and the company reportedly plans to merge its gaming channel resources with 17173.com.

The top Chinese gaming website, which is being sold by gaming publisher Changyou, was restructured in late 2014 with the loss of about 100 jobs.

Changyou reportedly confirmed last month that it had offloaded the website, but would not confirm the identity of the buyer.

The success of Tencent’s mobile gaming platform helped to drive an increase in revenue and net income in 2014.

source : www.igamingbusiness.com

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