The former Valve subsidiary turned independent studio is now owned by Tencent.
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Tencent has announced that they have acquired Turtle Rock Studios, the development studio responsible for Back 4 Blood and Left 4 Dead. The press release sent out today says that Tencent acquired Turtle Rock Studios' parent company, Slamfire, Inc.

Though Turtle Rock Studios is now owned by Tencent, the studio will reportedly retain its independent operations in their California based location. The existing team will stay on at Turtle Rock and will continue to "run all studio operations." Studio co-founders Phil Robb and Chris Ashton will continue to lead Turtle Rock.

“We are all looking forward to joining the Tencent family of studios,” said Steve Goldstein, president and general manager of Turtle Rock Studios. “Tencent’s outstanding partners, global reach, deep knowledge of gaming and unprecedented support will help us create the kinds of ambitious games we dream of, while allowing us to retain our autonomy and independent spirit.”
Turtle Rock Studios was founded in 2002 as an independent studio. In 2008, Valve acquired Turtle Rock Studios and renamed them to Valve South. Following the success of Left 4 Dead, Valve South split from Valve in 2010 and was once again called Turtle Rock Studios. They went on to develop and release games such as Evolve and Back 4 Blood.

Tencent is a massive conglomerate based out of China. Tencent has some level of investment in dozens of game studios including Riot Games, Epic Games, Dontnod Entertainment, Bloober Team, Activision Blizzard, Ubisoft, Remedy Entertainment, Bohemia Interactive, and many more.