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?
Embracer Group is considering selling Gearbox, report claims
11.09.2023 - 12:17 / videogameschronicle.com
Embracer Group is considering selling off Gearbox Software, according to a new report.
Reuters (via MarketScreener) says the Swedish company is looking at options for the the Borderlands studio, and that a sale is one of those options.
The publication cites “three people familiar with the matter”, speaking under anynonymity, who also reiterated that a sale is only being considered at this stage and may not happen.
Two of the sources claim that Embracer has received interest from third parties keen on buying the studio, and is weighing up the possibility of selling it.
Potential buyers, who reportedly mainly consist of “international gaming groups”, already have access to Gearbox marketing materials, it’s claimed.
Embracer is in the process of restructuring after announcing in May thata major deal had fallen through unexpectedly at the last minute, causing it to slash its earnings forecast and resulting in a nosedive in shares by over 40%.
It was later reported by Axios that the deal in question was a $2 billion partnership with the Saudi government-funded Savvy Games Group, which lasted for seven months of negotiations before Savvy pulled out of the deal.
This led to Embracer announcing in June that it was implementing a new “restructuring program” which will see some game studios closed and some projects cancelled.
Embracer acquired Gearbox in 2021 for up to $1.4 billion, and since then has made numerous other high-profile purchases, including the rights to The Hobbit and The Lord of the Rings.
Last year the Swedish company acquired a large part of Square Enix’s western development arm for $300 million. The deal saw Embracer becoming the owner of Crystal Dynamics, Eidos Montreal, Square Enix Montreal, and a catalogue of IPs including Tomb Raider and Deus Ex.
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