Assassin's Creed-maker Ubisoft's shares surge 9% on deal to spin off top game franchises

Ubisoft shares surged on Friday after the French video game publisher announced a deal to spin out some of its best-selling franchises. On Thursday, Ubisoft revealed plans to form a new gaming subsidiary, with Chinese technology giant Tencent investing 1.16 billion euros ($1.25 billion) into the unit. The subsidiary will include Ubisoft's best-known games brands, including Assassin's Creed, Far Cry and Tom Clancy's Rainbow Six, according to a press release. Ubisoft shares jumped 11% Friday morning before paring gains later in the day to trade 9% higher. The game maker said Thursday that its newly formed unit would "focus on building game ecosystems designed to become truly evergreen and multi-platform." ... Read full article.