Who Owns RAID: Shadow Legends in 2026?
RAID: Shadow Legends has grown into one of the most recognised mobile RPGs since its global launch in early 2019, but the company behind it changed hands not long ago. Today, the game is owned by Modern Times Group (MTG), which completed its purchase of Plarium, RAID’s developer and publisher, from Aristocrat Leisure in February 2025.
So what does that mean for the game and its players? Here’s a closer look at how the ownership structure works today, who owned RAID before MTG and what has changed since the sale.
The Current Owner of RAID: Shadow Legends
Modern Times Group (MTG), a Swedish gaming company based in Stockholm, owns RAID: Shadow Legends through Plarium. Plarium is headquartered in Israel and remains the game’s developer and publisher. MTG owns the studio, but it does not develop RAID directly.
MTG completed its purchase of 100% of Plarium from Aristocrat Leisure on 12 February 2025. The companies had agreed to the deal in November 2024 for a fixed price of $620 million, with up to $200 million more in potential earn-out payments. The acquisition brought Plarium and its games into MTG’s portfolio. Here’s how the ownership structure looks in 2026:
| Company | Role |
| Modern Times Group (MTG) | Current parent company and indirect owner of RAID |
| Plarium | Developer and publisher of RAID |
| Aristocrat Leisure | Previous owner of Plarium, until February 2025 |
The company behind a game can make a big difference to its quality and updates. Take https://www.slotozilla.com/uk/software/barcrest, a slot developer, for example. It has released many games over the years, but they don’t all work the same way. Comparing their mechanics, features and payout structures helps players understand what makes each title different. The same principle applies to Plarium, which remains responsible for how RAID is developed and updated.
Who Owned RAID Before MTG?
RAID: Shadow Legends launched globally in early 2019, when its developer, Plarium, was part of Aristocrat Leisure. The Australian gaming company remained Plarium’s parent company for more than seven years before selling it to MTG. Here’s a quick look at the ownership timeline:
- October 2017: Aristocrat bought Plarium for an initial $500 million.
- November 2024: Aristocrat agreed to sell Plarium to MTG for a fixed price of $620 million.
- 12 February 2025: MTG completed the purchase and took full ownership of Plarium.
Aristocrat is no longer involved in owning RAID. The sale changed Plarium’s parent company, but not the studio behind the game. After completing the deal, Aristocrat refocused on its social casino, real-money and land-based gaming businesses. Its only remaining link to Plarium is financial: the agreement includes potential earn-out payments tied to Plarium’s revenue in 2028.
The Impact of MTG’s Acquisition on RAID
For RAID: Shadow Legends, the acquisition changed the parent company, not the developer. MTG acquired Plarium to create one of the strongest mid-core mobile portfolios in the industry and to benefit from the studio’s technology and expertise in LiveOps, marketing and monetisation. Alongside RAID, the deal brought Plarium’s other major titles, including Vikings: War of Clans, Mech Arena and Merge Gardens, into MTG’s portfolio. RAID is now MTG’s largest title, while Plarium continues to develop and publish the game.
Since the sale, Plarium has kept RAID’s LiveOps schedule running. In June 2026, it launched the Web of Corruption event, followed in August by Echoes of Oz. According to MTG’s Q2 2026 report, RAID’s revenue grew by 9% year on year on a pro forma basis, and the company expects a pick-up in the pace of new RAID content in the second half of the year.
In short, the ownership structure looks like this:
Modern Times Group (MTG) → Plarium → RAID: Shadow Legends