Bigger changes are afoot on the business side of the video game world as a notable name changes hands again. Take-Two Interactive (parent company of Grand Theft Auto publisher Rockstar and others) acquiring Gearbox Entertainment from the struggling Embracer Group. The contract is worth $460 million and is expected to close on June 30 Embracer planned to sell Gearbox.
Take-Two acquires three studios: Gearbox Software, Gearbox Montréal and Gearbox Studio Quebec. It will be fully owned , Tiny Tina’s Wonderlands, Homeworld, Risk of Rain, Brothers in Arms and Duke Nukem franchises, as well as “Gearbox’s future pipeline.” Gearbox will operate under the 2K umbrella, which already publishes Borderlands and Tiny Tina. Gearbox founder and CEO Randy Pitchford will remain at the helm.
Embracer hangs at Gearbox Publishing San Francisco, to be renamed. It holds publishing rights for the Remnant series, and unannounced games. Embracer will also retain Cryptic Studios (Neverwinter Online and Star Trek Online), Lost Boys Interactive and Captured Dimensions.
Take-Two notes that Gearbox has “six major interactive entertainment projects in various stages of development.” These include five sequels Motherland 3 and the next Borderlands game.
The hugger for an initial $363 million. The deal would be worth a little more than an additional $1 billion over six years if Gearbox met certain targets.
Embracer has fallen on hard times since acquiring Gearbox. Last year he It collapsed after a $2 billion investment deal (said to be from a group backed by Saudi Arabia’s sovereign wealth fund). Since then, there has been Embracer and . He It canceled 1,387 games in the second half of last year and 29 unannounced games in six months in 2023.
Elsewhere in the video game business, Sega Relic Entertainment (Warhammer 40,000 and Company of Heroes), I mean thanks to the help of a mystery investor. Sega too Widespread in Europe video game layoffs so far this year. Sega Europe, (Total War) and Hardlight Studios (Two point hospital) is there is reported to be affected.
