Warner Bros. Discovery has again said that it sees the biggest growth opportunities in gaming in the free-to-play and live service spaces.
15.02.2024 - 14:21 / videogameschronicle.com / Lars Wingefors / Tom Ivan
Embracer Group cancelled 29 unannounced games during a six-month period last year, the company confirmed on Thursday.
The company announced in June 2023 that it was implementing a restructuring plan which would involve the closure of studios and the cancellation of projects.
During its first fiscal quarter ended in June, it had 153 unannounced games in development across internal studios and external studios it was financing. That number fell to 138 in its second quarter and to 124 in its third quarter ended in December.
The restructuring also resulted in 1,387 job cuts, or about 8% of its global workforce, during the six months ended in December. This included cutting 871 internal game developers, 252 internal non-developers, and 264 external developers.
As of December, Embracer had 132 internal game studios, down from 139 six months earlier, and was working with 50 external development studios, down from 59.
Embracer CEO Lars Wingefors said on Thursday that the company’s restructuring plan is now entering its “final stretch”, but warned that more cuts could be coming as it looks to sell off more assets.
“As part of the restructuring program, Embracer still has a few larger structured divestment processes ongoing that could strengthen our balance sheet and further reduce capex,” he said.
“Processes are in mature stages. It’s important to add that certain companies might initiate restructuring before any divestment is announced.”
Since announcing its restructuring plan, Embracer’s most notable studio closures have included Saints Row developer Volition and TimeSplitters maker Free Radical Design, while others have reportedly been put up for sale, such as Borderlands developer Gearbox.
Warner Bros. Discovery has again said that it sees the biggest growth opportunities in gaming in the free-to-play and live service spaces.
Microsoft has announced the next batch of titles heading to Xbox Game Pass for console, PC and Xbox Cloud Gaming.
Swedish gaming company Embracer Group AB will sell one of its largest subsidiaries, Saber Interactive, to a group of private investors in a deal worth up to $500 million (roughly Rs. 4,142 crore), according to a person familiar with the transaction.
Guerrilla’s multiplayer Horizon game is reportedly not among a number of recently cancelled PlayStation titles.
A number of Rockstar Games developers have criticised the company for telling employees they must return to the office full-time in April.
Star Wars: Knights of the Old Republic remake developer Saber Interactive has reportedly left embattled parent company Embracer in a $500 million deal to become a privately owned company.
Rockstar Games has reportedly requested that employees return to the office full-time as it approaches the final stages of development on Grand Theft Auto 6.
Insomniac Games has released a public statement in response to layoffs at the studio announced this week by parent company Sony Interactive Entertainment.
Remedy Entertainment has acquired full rights to the Control franchise from 505 Games.
Sony Interactive Entertainment (SIE) has reportedly cancelled a Twisted Metal game as part of restructuring plans announced on Tuesday.
Ubisoft Montpellier has said that Prince of Persia: The Lost Crown will receive new content and modes via a series of free updates.
Dead Island 2 has received a surprise release on Xbox Game Pass.