Remedy Entertainment Obtains Full Rights To Control IP

29.02.2024 - 21:47 / gameranx.com / Tero Virtala

Update:

It looks like 505 Games has also announced the closure of some offices since this deal was unveiled.

Original Story…

Remedy Entertainment has been doing quite well. They just had the successful release of Alan Wake 2, a sequel installment that took years to see come to fruition. Before that, their new IP Control made quite an impact on gaming audiences worldwide. Today, the studio was able to officially announce that they have successfully acquired the full rights to the Control IP.

This came through an investor announcement where Remedy Entertainment confirmed a minor premium was paid to 505 Games. In particular, 505 Games received the amount funded for Control’s sequel and the multiplayer project on top of a premium. That would allow the rights to go back to Remedy Entertainment. Apparently, this was about EUR 17 million paid in order to make the IP securely Remedy Entertainment’s going forward.

According to the post on the Remedy Games website, the CEO of the company, Tero Virtala, offered a statement. Essentially, acquiring this IP allows the developers to have better ideas on the best path from now on with the franchise. They also fully know this is an attractive IP for so many other companies. As a result, while it’s possible that Remedy Entertainment could self-publish future projects for this franchise, it also means that there is the ability to strike up a new deal with another publisher. 

As for the future of the game franchise, it’s noted in the statement that Control 2 and the Condor project are expected to reach their next development stages during the first half of this year. From there, it’s a waiting game to see when we might get a new showcase for the IP. 

Ever since we signed up with 505 Games in 2017 to develop and publish Control, we have enjoyed a good partnership in building Control into a successful game that has sold over 4 million units and generated shareable net revenue of approximately EUR 100 million to Remedy and 505 Games. As part of Remedy’s long-term strategy to have more ownership over our business and the IPs we have created, we have gotten backall rights for Control and the in-development Condor and Control 2. Having complete ownership over the Control franchise gives us the freedom to decide the best path forward. We will consider our options carefully, knowing that Control is considered an attractive franchise by many partners. Condor and Control 2 have both progressed well in recent months and we expect these projects to reach their next development stages during the first half of 2024. The development of Condor and Control 2 will continue normally when we consider the best publishing, distribution and financing model for these projects.

With that