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TENCENT HOLDINGS LIMITED

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Tencent : Amazon's video game division cancels Lord of the Rings game announced in 2019

04/17/2021 | 06:47pm EDT
FILE PHOTO: A zoomed illustration image of a man looking at a computer monitor showing the logo of Amazon is seen in Vienna

(Reuters) - Amazon.com Inc's video game division has canceled an online role-playing game based on the fantasy series Lord of the Rings, which was announced in 2019, an Amazon spokeswoman said.

The game had been in development at Amazon Game Studios alongside China-based Leyou Technologies Holdings, which was acquired by Chinese tech giant Tencent Holdings in December.

The resulting contract negotiations led to a dispute between Amazon and Tencent that eventually caused the game's cancellation, Bloomberg reported earlier on Saturday, citing people familiar with the matter.

"Following Leyou's recent acquisition by Tencent, we have been unable to secure terms to proceed with this title at this time", the Amazon spokeswoman said in a statement emailed to Reuters.

The Amazon team working on the game will be moved to other projects, she said.

Amazon Game Studios has struggled to release a successful video game since its launch in 2014.

The company has canceled previously announced games Breakaway and Crucible, while another of its games, New World, has been delayed repeatedly, Bloomberg reported.

Amazon's video game division has struggled because of mismanagement and cultural clashes between game developers and the company's principles, Bloomberg said earlier this year.

Amazon's incoming CEO Andy Jassy said earlier this year that he was committed to the video games division, which launched under outgoing chief executive and Amazon founder Jeff Bezos.

(Reporting by Kanishka Singh in Bengaluru; Editing by Daniel Wallis)

By Kanishka Singh


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AMAZON.COM, INC. 0.30% 3161.45 Delayed Quote.-1.01%
TENCENT HOLDINGS LIMITED -1.76% 584.5 End-of-day quote.3.63%
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Financials
Sales 2021 591 B 91 682 M 91 682 M
Net income 2021 148 B 22 905 M 22 905 M
Net cash 2021 130 B 20 111 M 20 111 M
P/E ratio 2021 38,5x
Yield 2021 0,29%
Capitalization 5 518 B 710 B 856 B
EV / Sales 2021 9,11x
EV / Sales 2022 7,50x
Nbr of Employees 85 858
Free-Float 62,2%
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Mean consensus BUY
Number of Analysts 54
Average target price 650,14 CNY
Last Close Price 580,00 CNY
Spread / Highest target 50,1%
Spread / Average Target 12,1%
Spread / Lowest Target -26,2%
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Managers and Directors
NameTitle
Hua Teng Ma Executive Chairman & Chief Executive Officer
Chi Ping Lau President & Executive Director
Shek Hon Lo Chief Financial Officer & Senior Vice President
Chen Ye Xu Chief Information Officer
Yu Xin Ren COO & President-Interactive Entertainment Group
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