After news of Volition's closing, Saints Row fans are mourning their beloved franchise as well as the 2022 game's second major patch.
14.08.2023 - 21:43 / mmorpg.com / New
Earlier this year, Swedish company Embracer Group saw a deal fall through to the tune of $2 billion USD, something that caused its stock to plummet back in May. Now, thanks to a new Axios report, we know more about exactly who that deal was supposed to be with a Saudi Arabia-backed investment group.
The report by Axios sheds light on the collapsed deal, which saw the deal get pulled back in May, with Embracer CEO stating the deal had been in the works for «seven months» with the unnamed group. Axios reveals that the company that was set to invest $2 billion dollars on the company has bought practically everything from Middle-earth Enterprises to Gearbox Studios (the publishers of MMOs such as Star Trek Online and Neverwinter).
The fallout from the deal collapsing saw shares plummet while Embracer initiated layoffs to cut costs (thanks, Slapshot).
Axios' Stephen Totilo reports, based on conversations with multiple sources, that the $2 billion deal was going to be with a company called the Savvy Games Group, which is a subsidiary of the Saudi Arabian-funded Saudi Public Investment Fund.
While the report doesn't include why the deal fell through (Savvy and Embracer did not respond to requests for comment by Axios), it points to the larger narrative that has circulated around the gaming industry when it comes to investment sources for many of gaming's biggest names. According to Axios, the deal would have cemented the Saudi-backed group as a «major gaming label,» something the government of Saudi Arabia is keen on doing in its effort to turn the Kingdom into a major gaming hub.
Savvy has investments in major companies such as Take-Two, Nintendo, and Electronic Arts, raising questions about companies taking money from a country with a poor human rights record. Embracer, for their part, had already received a $1 billion investment from the fund last year.
After news of Volition's closing, Saints Row fans are mourning their beloved franchise as well as the 2022 game's second major patch.
Volition, the studio behind the Saints Row series, has closed with immediate effect. The developer said in a statement that the shutdown was a result of restructuring at parent company Embracer Group.
Volition Games has shut down as part of Embracer Group’s ongoing restructuring. The studio, which has roots going back to 1993, is behind the Saint’s Row series, Red Faction, and Summoner.
Volition Games has announced that its parent company, Embracer Group, is shutting the studio down. The studio was the developer behind the latest Saints Row reboot.
Saints Row and Red Faction developer Volition is no more. The studio’s owner, Embracer Group, has closed Volition “effective immediately,” according to a statement posted on Volition’s LinkedIn profile. The closure of the Champaign, Illinois-based company comes shortly after the studio celebrated its 30th anniversary in June.
Volition, the developer behind the Red Faction and Saints Row series, has shut down.
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Swedish games firm Embracer Group has said it is moving on from the collapsed $2 billion partnership it announced at back in May.
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Embracer Group is currently undergoing major internal reorganisation after apparently overextending, with hard-working employees bearing the cost in the ensuing layoffs and closures. This restructuring has already begun, but a new report has shed some further light on how the situation all came about.