Tencent acquires majority stake in Wuthering Waves developer Kuro Games

Tencent has acquired a 37% stake in Kuro Games from Hero Entertainment for an undisclosed fee to increase its total ownership of the studio to 51.4%. 

As reported by Gematsu, the move now makes Tencent the sole external shareholder of the Wuthering Waves developer after previously owning 14.33% of shares. 

Kuro Games said that it will continue operating independently despite the acquisition. The studio added that Tencent's investment will provide a more stable external environment while supporting its long-term strategy of maintaining independent operations.

Tencent M&A

Hero Entertainment has supported Kuro Games since 2018, while Tencent began significant investments into Kuro Games from early 2023. Though rumors in March suggested Tencent would take a majority stake, the ownership structure remained unchanged until now. 

Wuthering Waves has proven a hit for the studio since its release in May earlier this year. According to AppMagic estimates, the title has generated $181.3 million in gross revenue ($126.9m net) to date across the App Store and Google Play.

The title picked up the accolade for Best Audio/Visual Accomplishment at the Pocket Gamer Mobile Games Awards 2024 in August. It was also given an honourable mention for Game of the Year alongside Star Wars: Hunters, with Scopely’s Monopoly Go taking the top prize.

Kuro Games ranked 16th in the Top 50 Mobile Game Makers 2024 list this year.