What Happened to Riot Games, Inc.?
Riot Games, a subsidiary of Tencent, continues to dominate the esports and gaming landscape with its flagship titles like League of Legends and Valorant. The company has undergone strategic shifts, including significant layoffs and the closure of its Riot Forge publishing arm, to refocus on core game development and live services. In 2025 and 2026, Riot has implemented major overhauls to League of Legends' gameplay and esports structure, launched its new fighting game 2XKO, and expanded its global esports events.
Quick Answer
Riot Games, owned by Tencent, remains a leading force in the gaming industry, primarily known for League of Legends and Valorant. Recent years have seen a strategic refocus, marked by layoffs and the shutdown of its Riot Forge publishing division, to streamline operations and prioritize core titles. As of March 2026, Riot is implementing a major overhaul to League of Legends' client and gameplay, restructuring its esports financial model, and actively supporting its new fighting game 2XKO, despite initial team reductions. The company continues to host major global esports tournaments for its key franchises.
📊Key Facts
📅Complete Timeline15 events
Riot Games Founded
Brandon Beck and Marc Merrill found Riot Games in Santa Monica, California, with the goal of developing competitive player-versus-player online games.
Acquired by Tencent Holdings
Chinese conglomerate Tencent Holdings acquires a majority stake in Riot Games. Tencent later fully acquires the company in 2015.
Arcane and Project L Announced
Riot Games announces the animated series 'Arcane' and its fighting game 'Project L' (later rebranded as 2XKO) at the League of Legends tenth-anniversary celebration.
Riot Forge Publishing Label Shut Down
Riot Games announces the closure of its publishing arm, Riot Forge, as part of broader strategic layoffs.
LoL MMORPG Development Restarted
Riot Games confirms that the development of its highly anticipated League of Legends MMORPG has been restarted, with a new creative direction.
Arcane Season 2 Released (Final Season)
The second and final season of the critically acclaimed animated series 'Arcane' premieres on Netflix in three acts throughout November.
LCS and CBLOL to Return in 2026
Riot Games announces the dissolution of the one-season League of the Americas (LTA) and the return of the League of Legends Championship Series (LCS) and Campeonato Brasileiro de League of Legends (CBLOL) to their original structures in 2026.
2XKO (Project L) Early Access on PC
Riot Games releases its new fighting game, 2XKO (formerly Project L), into early access for PC players.
LoL Worlds 2026 Locations Announced
Riot Games reveals that the League of Legends World Championship 2026 will take place in North America, with early stages in Allen, Texas, and the Grand Final in New York City.
Major League of Legends Overhaul Announced for 2027
Riot Games announces a substantial overhaul to League of Legends, including a new client, visuals, and game modes, aiming for a 2027 launch window under the internal name 'League Next'.
LoL Esports Financial Structure Overhauled
Riot Games announces a modernization of the financial structure for League of Legends Esports starting in 2026, removing split prize pools for major regional leagues to focus on long-term ecosystem sustainability.
2XKO (Project L) Official Release
Riot Games officially releases its fighting game, 2XKO, for PlayStation 5 and Xbox Series X/S.
2XKO Team Reductions Announced
Riot Games announces a reduction in the size of the 2XKO development team, citing that the game's momentum had not reached the level needed to support the initial team size, though competitive plans remain unchanged.
Tencent Ownership Under US Scrutiny
Reports emerge that the Trump administration is debating whether to force Tencent, Riot Games' parent company, to divest its stakes in US game companies due to security concerns.
New Valorant Agent 'Miks' Released
Riot Games rolls out the second major update of VALORANT's 2026 Season Act 2, introducing a new Controller agent named Miks and a limited-time Elimination mode.
🔍Deep Dive Analysis
Riot Games, founded in 2006 by Brandon Beck and Marc Merrill, rose to prominence with the launch of League of Legends in 2009, which quickly became a global phenomenon and a cornerstone of the esports industry. The company was fully acquired by Chinese conglomerate Tencent Holdings in 2015, a relationship that has recently drawn scrutiny from the U.S. government regarding potential divestment discussions in March 2026.
In recent years, Riot Games has undergone significant internal restructuring. Between 2023 and 2026, the company initiated several waves of layoffs, impacting over 600 employees. This included the closure of its publishing label, Riot Forge, in January 2024, and the downsizing of various teams, including those working on its new fighting game, 2XKO. These strategic cuts were aimed at refocusing the company's efforts on its most successful live-service games: League of Legends, Valorant, and Teamfight Tactics, to ensure long-term sustainability and impact.
For its flagship title, League of Legends, 2025 and 2026 have been periods of significant change. Riot announced a substantial overhaul to the game's client, visuals, and game modes, internally dubbed 'League Next,' with a projected launch window of 2027. The 2026 season also brought a major gameplay overhaul, introducing changes to jungle influence, macro strategy, and the removal of certain in-game elements. In esports, Riot modernized the financial structure of League of Legends Esports for 2026, removing regional split prize pools for major leagues like the LEC, LCK, and LCS, and redirecting funds to support deeper, more impactful areas of ecosystem development. Furthermore, the League of Legends Championship Series (LCS) and Campeonato Brasileiro de League of Legends (CBLOL) are set to return in 2026, following the dissolution of the short-lived League of the Americas (LTA) in 2025 due to viewership challenges.
Riot's other major titles have also seen developments. The animated series 'Arcane,' based on the League of Legends universe, concluded its critically acclaimed run with its second and final season released in November 2024. The highly anticipated fighting game, 2XKO (formerly Project L), saw its early access release on PC in October 2025 and officially launched for PlayStation 5 and Xbox Series X/S in January 2026. However, the 2XKO team experienced reductions in February 2026, with Riot stating that while the game resonated with a core audience, overall momentum hadn't reached the level needed to support the initial team size. Valorant continues to receive regular updates, including the introduction of new agents like 'Miks' and game modes in March 2026.
As of March 21, 2026, Riot Games is actively hosting its 2026 international esports calendar, with the First Stand tournament underway in São Paulo, Brazil. The company is also preparing for the Mid-Season Invitational (MSI) in Daejeon, South Korea, and the League of Legends World Championship 2026, which will culminate in New York City. The long-awaited League of Legends MMORPG, after a development restart in March 2024, remains in the prototype phase with a release unlikely before 2027. Riot Games continues to navigate a dynamic industry, balancing innovation with strategic consolidation to maintain its position as a global leader in gaming and esports.
What If...?
Explore alternate histories. What if Riot Games, Inc. made different choices?