Assassin's Creed maker Ubisoft reverses gains after Tencent-backed spinoff move

In this article UBI-FR Follow your favorite stocks CREATE FREE ACCOUNT Artwork for Ubisoft's upcoming "Assassin's Creed Shadows" game. John Keeble | Getty Images Ubisoft shares reversed course on Friday in a volatile trading day for the firm, following news that it's carving out some of its best-selling game franchises. The French video game publisher on Thursday 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 initially jumped as much as 11% Friday morning. However, in afternoon deals the stock declined and was last trading down 2%. The game maker said Thursday that its newly formed unit would "focus on building game ecosystems designed to become truly evergreen and multi-platform." watch now The investment from Te ... Read full article.