Sony Interactive Entertainment president and CEO Jim Ryan will retire in March 2024 after nearly 30 years with the PlayStation business, the company announced.
11.09.2023 - 16:01 / destructoid.com
Embracer Group is a large company that has its fingers in quite a few pies. In 2021, Gearbox Entertainment was acquired by Embracer for an eye-watering $1.3 billion. Despite the pricey purchase, it seems not all is well, and a report from Reuters claims that Embracer is considering its options with Gearbox.
Reuters, citing three people familiar with the matter, states that the involved parties are working with Goldman Sachs and Aream & Co to explore a possible sale, and this comes after Embracer received interest from third parties. This is certainly big news, but it’s not entirely a surprise, as Embracer had previously made it known that the company is undergoing drastic changes.
In June, the company released an open letter explaining that it is aiming to shift from a “heavy-investment-mode to a highly cash-flow generative business.” Doing this will require “closing or divestments of some studios and the termination or pausing of some ongoing game development projects.” We’ve already seen the effects of this with the closure of Volition and Campfire Cabal.
Gearbox is mostly known for the Borderlands franchise, with 2019’s Borderlands 3 serving as the latest mainline entry. It has also published several successful titles, including the unexpected hit Remnant 2. Currently, it is unclear what the studio’s future will look like. Reuters warns that the deal may not happen, as nothing has been finalised. However, Embracer’s actions this year suggest the company is eager to shed weight.
It’s worth keeping in mind that the report mentions a sale as just one of its options with Gearbox. Though it’s not stated, it stands to reason that a possible studio closure may be one of the other options, which would be bad news for Borderlands fans.
Gearbox was founded in 1999, and since then it has placed its fingerprints on several massive franchises, including Duke Nukem and Half-Life. Though it appears it may have an uncertain future ahead, its longevity thus far gives hope that it’ll endure.
Sony Interactive Entertainment president and CEO Jim Ryan will retire in March 2024 after nearly 30 years with the PlayStation business, the company announced.
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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.”
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.
Embracer is reportedly considering the sale of Borderlands developer Gearbox Entertainment just over two years after it purchased the company for $1.38 billion.
Rainbow Studios is apparently the latest studio in the firing line of Embracer's restructuring efforts.
Gearbox Entertainment, the developer of the Borderlands franchise, is reportedly being put up for sale by parent company Embracer Group.
It’s recently emerged that Embracer Group is considering selling Borderlands developer Gearbox Entertainment, as the company looks to steady itself in a period of financial uncertainty following a failed $2 billion deal with Saudia Arabia’s gaming group earlier this year. However, other options for the studio’s future are being considered as well.