The story
The company was founded in October 1983 by Kazuyuki Fukushima. The first division created was Wolf Team, which was created in 1986. The Riot division came into existence in 1991 when Telenet Japan was expanding in the country.
However, because Telenet was starting to lose sales in 1993, the company went through extensive restructuring which resulted in the closing of a few subsidiaries. Some staff employed at Laser Soft and Riot were transferred to another subsidiary, Wolfteam. The same year, several key developers of the PC Engine games Tenshi no Uta I & II left Riot to found Media.Vision and work on a new RPG franchise, Wild Arms.
With a debt of ¥1 billion, the company ceased operating in late September 2007 and closed its doors on October 25. According to the Tokyo Keizai, the company ran into debt in selling pachinko game software, which made the company get into debt due to the US branches failing.
Sunsoft acquired Telenet's entire software library in December 2009, citing plans to remake or re-release (via Virtual Console) the old titles. The Japanese company Edia acquired Telenet's catalogue from City Connection in January 2020.
From Wikipedia’s article on Telenet Japan, shared under CC BY-SA 4.0.3