First announced two years ago, at Sony’s showcase in 2021,Star Wars: The Old Republic’s remake is seemingly being officially scrubbed from around the internet. Could the project be another casualty as part of Embracer Group’s reorganization?
Borderlands Maker Gearbox Reportedly Up for Sale by Embracer Group
12.09.2023 - 15:59 / gadgets.ndtv.com / Jason Schreier
Borderlands developer Gearbox is reportedly up for sale by parent company Embracer Group. As per Reuters, the Swedish conglomerate is looking to restructure following a $2 billion (about Rs. 16,586 crore) deal with Saudi Arabia government-funded Savvy Games Group that fell through, earlier this year. The fallout resulted in the former cutting down on spending, in addition to closing down studios and laying off its employees. Having been acquired merely two-and-a-half years ago, Gearbox is now the latest victim, with some alleged third-party publishers expressing interest in acquiring the developer. No names were mentioned, though they were described as “international gaming groups.”
Following the original Reuters report, Bloomberg's Jason Schreier noted that it's not confirmed whether Gearbox would be sold off, but Embracer is certainly looking to part ways with it. In an email sent to staff, Gearbox CCO Dan Hewitt said, “The base case is that Gearbox remains a part of Embracer. However, there are many options under consideration, including Gearbox's transfer, taking Gearbox independent, and others. Ultimately, we'll move ahead with whichever path is best for both Gearbox and Embracer.” Earlier this month, Embracer offloaded the Saints Row studio Volition, essentially shutting it down after 30 years in the game development space — possibly to do with the critical and commercial failure of its latest open-world reboot, as Embracer mentioned in its 2023 financial report.
Embracer has spent the last few years swiping game studios through a series of non-stop acquisitions and building an empire, bringing together coveted developers like Tomb Raider's Crystal Dynamics, Remnant II's THQ Nordic, Dead Island 2's Deep Silver, franchising rights to The Lord of the Rings and The Hobbit, and more. This obviously cost a lot of money, which was initially covered by the aforementioned Savvy Games Group through a $1 billion investment. But in May, the latter backed out, leaving Embracer to deal with the debt.
Earlier this year, Embracer Group confirmed that The Lord of the Rings was getting an MMO adaptation developed by Amazon Games' Orange County Studio — the same developers who previously worked on New World. The title is in the early stages of development and will feature stories from the LOTR and The Hobbit written material from author J.R.R. Tolkien. A bit before that, in February, the conglomerate confirmed that it had five video games based on the Middle-earth franchise in development, one of them being the critically panned The Lord of the Rings: Gollum game, whose failure resulted in Daedalic Entertainment closing down its development division.
Amidst all this restructuring drama, Crystal Dynamics put out
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wccftech.com
28.09.2023 / 15:49
Fortnite V-Buck Prices Increase as Epic Games Lays Off Nearly 1000 Employees
Over the past few years, Epic Games has been one of the biggest success stories in the industry. The massive popularity of Fortnite changed the entire gaming landscape, establishing the blueprint for a successful “live service” title. The profitability of Fortnite allowed Epic to do things like launch the Epic Games Store with better profit sharing for publishers, push a lot of cutting-edge new technology with Unreal Engine 5, and more. Unfortunately, it seems Epic’s run of unfettered success may have hit a speed bump.
gamingbolt.com
22.09.2023 / 19:27
Embracer Group Says it Will be Closing “a Few” More Studios
In the aftermath of Embracer Group failing to close a deal with Savvy Group worth $2 billion earlier this year, the company has suffered some financial setbacks. In June, it revealed that it was instituting a restructuring program that would entail layoffs, studio closures, and upcoming projects being cancelled.
gameranx.com
21.09.2023 / 17:21
Crystal Dynamics Layoffs Continue Embracer Group Restructuring Trend
Embracer Group has quite a few studios under its label. The company is now seemingly in a bind, ranging from various acquisitions and mergers. Financial struggles could be a real issue. In fact, it wasn’t long ago now that we had word of Volition Games shutting down completely. While Embracer Group is striving to restructure its plans going forward, a new round of layoffs has just occurred for another studio under their control. The latest was Crystal Dynamics, who were forced to see several jobs get cut.
destructoid.com
21.09.2023 / 07:57
Crystal Dynamics cuts staff as Embracer Group studio layoffs continue
Embracer Group is a video game company which owns over 70 studios around the world. Things haven’t been looking good for its studios lately, as they have been suffering from layoffs and closures.
gamingbolt.com
20.09.2023 / 23:51
Crystal Dynamics Hit with Layoffs as Part of Embracer Group Restructuring
The Embracer Group has been struggling with financial issues in recent months, having failed to close an undisclosed deal worth $2 billion earlier in the year, in the wake of which the company announced that it would be shuttering studios, laying off employees, and cancelling unannounced games as part of a widespread restructuring program.
destructoid.com
19.09.2023 / 19:49
Embracer Group’s Beamdog studio hit with layoffs
Embracer Group has reportedly laid off more than 25 employees from Beamdog, according to former employees via LinkedIn, as spotted by GameDeveloper. Beamdog, the studio behind Baldur’s Gate Enhanced Edition, Neverwinter Nights Enhanced Edition, and Mythforce was acquired by Embracer’s Aspyr Media subsidiary in April 2022.
venturebeat.com
15.09.2023 / 05:39
Playtika will buy mobile game maker Innplay Labs for up to $300M
We're thrilled to announce the return of GamesBeat Next, hosted in San Francisco this October, where we will explore the theme of «Playing the Edge.» Apply to speak here and learn more about sponsorship opportunities here. At the event, we will also announce 25 top game startups as the 2024 Game Changers. Apply or nominate today!
thesixthaxis.com
12.09.2023 / 14:37
Report: Embracer Groups exploring sale of Gearbox Entertainment
Reports have emerged that Embracer Group are exploring the sale of Gearbox, as the once omnivorous publisher holding company continues to undergo a large-scale restructuring program after a $2 billion investment deal fell through earlier this year.
techradar.com
12.09.2023 / 09:35
Embracer Group reportedly seeks to sell Borderlands developer Gearbox
Gearbox Entertainment, the developer of the Borderlands franchise, is reportedly being put up for sale by parent company Embracer Group.
mmorpg.com
11.09.2023 / 19:55
Reports: Gearbox Entertainment and Jagex Could Potentially Be For Sale By Their Owners
According to several new reports, both Gearbox Entertainment and Jagex may find themselves up for sale soon. Owners Embracer Group and the Carlyle Group, respectively, are potentially looking to offload the companies.
pcgamer.com
11.09.2023 / 19:15
Gearbox rumored to be up for sale as Embracer continues to try to bounce back from a failed $2B deal
Less than two weeks after the surprise closure of Saints Row studio Volition, a Reuters report says Embracer Group is now looking to rid itself of Borderlands studio Gearbox Entertainment—not through a shutdown this time, but a sale.