Ubisoft is forming a new dedicated subsidiary for its core IPs of Assassin’s Creed, Far Cry and Tom Clancy’s Rainbow Six in an effort to transform its operations, the company announced Thursday. The new entity will be backed by a €1.16 billion (roughly Rs. 10,694 crore) investment from Chinese conglomerate Tencent, which will hold a minority stake in the subsidiary. The move represents Ubisoft’s efforts to combat falling share prices amid misfiring releases and its intent to focus on its biggest franchises. Ubisoft, Tencent Form New Subsidiary The unit, backed by the new investment, is valued at EUR 4 billion (roughly Rs. 36,878 crore) and headquartered in France. Tencent’s stake in the subsidiary will amount to approximately 25 percent, Ubisoft said. The newly created entity strengthens Ubisoft’s balance sheet by “significantly reducing” its debt, the company added. The subsidiary would remain exclusively controlled and consolidated by Ubisoft. “Backed by greater investment and boosted creative capacities, it will drive further increases in quality of narrative solo experiences, expand multiplayer offerings with increased frequency of content release, introduce …