Take-Two Interactive, the publisher behind Grand Theft Auto, has announced plans to cut around 5 percent of its workforce, or around 600 people.
28.03.2024 - 09:15 / eurogamer.net / Randy Pitchford
Embracer has entered an agreement to sell Gearbox Interactive to Take-Two for $460m.
When this transaction is complete, Take-Two will acquire the Borderlands and Tiny Tina's Wonderlands franchises, as well as Homeworld, Risk of Rain, Brothers in Arms and Duke Nukem. Closing is expected to be finalised in Q1 FY 24/25, ending June 2024.
Following this, Embracer will still retain a number of assets such as Lost Boys, which Gearbox acquired in 2022.
To see this content please enable targeting cookies. Manage cookie settings Newscast: Behind the headlines of GDC, a cautious sense of hope.Watch on YouTubeThe divested assets from this sale include:
«Joining forces with Take-Two Interactive/2K will help Gearbox ascend to our next level,» Gearbox founder Randy Pitchford said today. «Take-Two and 2K have demonstrated repeatedly their commitment to our engine of generating creativity, happiness and profit.
»We set the bar for interactive entertainment and achieved remarkable results with record-setting games when we worked together at arm's length as partners [2K published previous Borderlands games]. I'm incredibly excited about what we can accomplish now that we're fully aligned as one."
In a quote shared with BusinessWire, 2K president David Ismailer confirmed Gearbox and 2K are actively working on the next instalment in the Borderlands series.
Welcome to the family ‼️ <a href=«https://twitter.com/GearboxOfficial?ref_src=» https:>@GearboxOfficial
https://t.co/Lf253M7p7J— 2K (@2K) <a href=«https://twitter.com/2K/status/1773196763987382385?ref_src=» https:>March 28, 2024To see this content please enable targeting cookies. Manage cookie settings
Meanwhile, Embracer's retained assets from this deal include:
«The retained companies will be welcomed and integrated into other parts of Embracer Group in the coming period,» Embracer said, stating «all companies are expected to contribute with a positive cash flow going forward».
Embracer initially purchased Gearbox for $363m in 2021. News of today's sale of the studio — which had long been expected — is part of Embracer's «comprehensive restructuring programme», which began last year after the collapse of a $2bn
Take-Two Interactive, the publisher behind Grand Theft Auto, has announced plans to cut around 5 percent of its workforce, or around 600 people.
2021 was a strange year for games. Amid the pandemic, major titles were few and far between, and instead, indie games reigned supreme. No game saw more fervor and applause than It Takes Two from Hazelight Studios, an exclusively co-op action-adventure game that has managed to sell 16 million copies as of March 2024.
Hazelight Studios – the development team behind acclaimed co-op games It Takes Two and A Way Out – is seemingly gearing up to announce its next game sometime later this year. In commemoration of its upcoming 10th anniversary in November, Hazelight Studios briefly touched on its next game in a post on Twitter, writing, “We’ve got new (real good) stuff cooking that we’ll talk more about later this year.”
Despite seemingly escaping the Embrace(r) of death through their sale to Take-Two at the end of last month, Gearbox Entertainment haven’t quite emerged unscathed. The studio has confirmed a number of layoffs shortly after the announcement of the sale, while clarifying that no positions related to the development of games were affected.
Gearbox Entertainment has announced an unspecified number of redundancies following its sale from Embracer last week.
Embracer CEO Lars Wingefors has acknowledged it's «way too early» for the company to «start talking about» acquiring new studios.
Ryu Ga Gotoku Studio said last week that it would be making an “important” announcement related to the Like a Dragon series today, with many expecting that new details would be shared in the series’ next instalment- which is sort of what’s happened. During the recent episode of Ryu Ga Gotoku Studio TV, though a new Like a Dragon game wasn’t announced, RGG Studio shared the first behind-the-scenes update on it.
Take-Two has announced plans to acquire Gearbox Entertainment from the embattled Embracer Group, in a deal reported to be worth $460 million. The buyout makes logical sense, as Gearbox Entertainment will operate under the framework of 2K Games, which has long been the publisher of the popular Borderlands series. It’ll be led by founder Randy Pitchford.
Hazelight Studios' It Takes Two has sold over 16 million units
Embracer Group finally confirmed that it is selling Borderlands studio Gearbox Entertainment to Take-Two Interactive, but there’s a catch: Embracer Group will retain ownership of Gearbox Publishing.
Alongside announcing plans to buy Borderlands developers Gearbox from the collapsing wreckage of Embracer Group, Borderlands publishers Take-Two overnight casually mentioned that they are "in active development on next installment in Borderlands series". This isn't a formal announcement as much as a businessblast to hype shareholders, so it didn't have anything specific to say about what Gearbox are up to with their wildly popular and deeply unfunny looter shooter series. It had seemed curious that the much-delayed Borderlands movie was coming out five years after the latest main series game and with no new one in sight.
Take-Two is acquiring Gearbox Interactive from Embracer Group for a cool $460m.