ChangYou Buys Majority Stake In Chinese Browser Game Dev For $68M

Chinese online game developer and operator ChangYou will acquire 68 percent of the equity of browser-based game maker Shenzhen 7Road Technology Co. (DDTank) in a $68.3 million deal. ChangYou, which operates titles like Tian Long Ba Bu and Blade Hero in China, expects to complete the acquisition by June 30 after passing regulatory approvals, and is promising additional variable consideration of up to $32.3 million if 7Road meets specific performance milestones through December 31, 2012. 7Road is best known for creating browser-based multiplayer games like DDTank, a Worms-style turn-based shooting title. The game has been translated into nine languages, and released in overseas countries including Vietnam, Taiwan, Brazil, and others. It reached over 350,000 peak concurrent global users last year. "Web-based games, which can be played in a browser without installation of a client application, are experiencing rapid growth and this is the right time to invest to and enter this space," said ChangYou CEO Tao Wang." "With the addition of a proven development team from 7Road, their successful game and wide network of partner websites, we are pushing forward in our plans to reach new audiences with the addition of quality products designed for different consumers."