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Borderlands Developer Gearbox Has Been Acquired By Take-Two
28.03.2024 - 04:37 / thegamer.com
Embracer Group has been itching to sell some of its recently acquired studios for quite some time now, having seemingly had eyes bigger than its belly during its spending spree a couple of years ago. Borderlands creator Gearbox Software was one of the developers lined up for a potential sale, and it's now been confirmed that Take-Two is the publisher to have acquired the studio.
This was announced in a recent press release from Embracer Group, revealing that the company has divested Gearbox Software to Take-Two for a total of $460 million. In what is probably one of the worst investments Embracer has made in recent years, that is less than half of the $1.3 billion the company spent on actually acquiring the studio back in 2021.
In the press release, it's explained that Take-Two will be paying for the acquisition in newly-issued shares, which will net it the likes of Gearbox Software (both Frisco and Texas studios), as well as Gearbox Montréal and Gearbox Studio Quebec. The acquisition also means that properties such as the Borderlands series, Tiny Tina's Wonderlands, Homeworld, Risk of Rain, Brothers in Arms, and Duke Nukem now also belong to Take-Two.
It's worth noting that Take-Two hasn't managed to snag everything that Gearbox is currently involved with though. Embracer has explained that it has managed to retain Gearbox Publishing San Francisco, which will be renamed as part of the deal. Due to this, Embracer still holds the publishing rights to the Remnant franchise, the upcoming Hyper Light Breaker, and several other "notable unannounced game releases."
Cryptic Studios, which makes titles such as Neverwinter Online and Star Trek Online, Lost Boys Interactive, and Captured Dimensions have also been retained by Embracer.
If it wasn't obvious due to Embracer's eagerness to sell, and the willingness to sell for such a low price compared to its initial investment, the company plans on using the cash from the sale to "significantly reduce net debt". Gearbox's sale comes after further cost-cutting measures by Embracer over the past couple of years, which included laying off thousands of workers, canceling a Deus Ex title in the middle of development, and shutting down studios such as Radical Entertainment and Saints Row and Red Faction developer Volition.
Gearbox's sale will be seen as a good thing for most people involved, especially due to the uncertainty of simply being owned by Embracer these days, though it's possible Take-Two's acquisition could see further layoffs. Hopefully not though, as we've seen far too many this year already.
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