Ubisoft announces the creation of a new subsidiary based on its Assassin's Creed, Far Cry, and Tom Clancy's Rainbow Six brands, saying this is a partnership with Chinese giant Tencent. This is in line with a rumor that emerged a couple of weeks ago which turned out to be spot-on. Ubisoft has been riding the struggle bus, and word is this deal adds a cool €1.16 billion ($1.25 billion USD) to its piggy bank:

Today, Ubisoft announced that it is accelerating its transformation by taking an important step in rapidly evolving its operating model with the creation of a dedicated subsidiary based on its Assassin’s Creed®, Far Cry®, and Tom Clancy’s Rainbow Six® brands. Following the formal and competitive selection process initiated by the Group earlier this year, Tencent’s will invest €1.16bn for a minority stake in the new subsidiary. This new subsidiary will focus on building game ecosystems designed to become truly evergreen and multi-platform. Backed by greater investment and boosted creative capacities, it will drive further increases in quality of narrative solo experiences, expand multiplayer offerings with increased frequency of content release, introduce free-to-play touchpoints, and integrate more social features.