Tencent Denies Layoff and Restructuring Speculation, Confirms Senior Management Changes

Tencent has refuted speculation surrounding layoffs and organizational restructuring, while acknowledging key changes in its senior leadership. An internal email leaked on October 25 revealed that Zeng Yu would no longer oversee Tencent IEG's technical department and the Platform and Content Group Technology & Content Platform. In a statement to Yicai, a spokesperson disputed claims that TiMi Studio Group, comprising around 6000 employees across 13 studios, planned to merge teams and put approximately 1200 staff at risk of redundancy. Instead, the spokesperson emphasized that TiMi Studio Group is actively hiring. Rumors of a formal restructuring and staff reduction at LightSpeed Studios have also been denied. However, the company confirmed that over 10 senior executives have been affected by changes at the top, including Zeng Yu, who is reportedly retiring, and other managers who have been let go or reassigned. Meanwhile, Tencent and Guillemot Brothers Ltd are exploring options to stabilize Ubisoft following its recent challenges, potentially through a joint buyout and privatization.