Embracer Group has completed its restructuring process, which was announced in June 2023. The company promised studio closures, game cancellations, and lay-offs would follow in the coming months. In September 2023, Saints Row developer Volition was closed, two months shy of its 30th anniversary. Additionally, in December, the news broke that the recently revived Free Radical Design was being shut down, and their new TimeSplitters project was being scrapped.
In March 2024, Embracer announced it was selling Borderlands developer Gearbox Entertainment to Take-Two Interactive. The deal was worth around £365million. It was also confirmed that Gearbox Publishing wasn’t part of that deal, with a majority of the team laid off.
CEO Lars Wingefors recently confirmed that its restructuring process has come to an end. He said that he was being approached weekly by numerous buyers about acquiring certain assets within the group, including Embracer-owned studios. He added that studios were sold because they had negative cashflow.
Embracer still owns a number of studios though including THQ Nordic, Crystal Dynamics, and Edios-Montréal. In 2022, Embracer Group bought Middle-earth Enterprises, which gave the company rights to The Lord Of The Rings and The Hobbit. Wingefors didn’t rule out acquiring more studios but said that it was way too early to start talking about it
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