Intel has announced that its next-gen Lunar Lake "Core Ultra 200" CPUs will offer over 100 AI TOPs to carry the AI PC momentum forward.
Take-Two is buying Gearbox from Embracer for $460 million
28.03.2024 - 15:11 / engadget.com / Randy Pitchford / Kris Holt
More major changes are afoot on the business side of the video game world, as a notable name is changing hands once again. Take-Two Interactive (the parent company of Grand Theft Auto publisher Rockstar and others) has agreed to buy Gearbox Entertainment from the embattled Embracer Group. The deal is worth $460 million in stock and is expected to close by June 30. It had been rumored for several months that Embracer was planning to sell off Gearbox.
Take-Two is acquiring three studios: Gearbox Software, Gearbox Montréal and Gearbox Studio Quebec. It will fully own the Borderlands, Tiny Tina’s Wonderlands, Homeworld, Risk of Rain, Brothers in Arms and Duke Nukem franchises, along with “Gearbox’s future pipeline.” Gearbox will operate under the umbrella of 2K, which already publishes Borderlands and Tiny Tina games. Gearbox founder and CEO Randy Pitchford will remain at the helm.
Embracer is hanging onto Gearbox Publishing San Francisco, which will be renamed. That holds the publishing rights for the Remnant series, Hyper Light Breaker and unannounced games. Embracer will also keep Cryptic Studios (Neverwinter Online and Star Trek Online), Lost Boys Interactive and Captured Dimensions.
Take-Two notes that Gearbox has “six key interactive entertainment projects in various stages of development.” Those include five sequels, among them Homeworld 3 and the next Borderlands game.
Embracer bought Gearbox in 2021 for an initial $363 million. If Gearbox met certain targets, the deal would have been worth just over an extra $1 billion over six years.
Since it bought Gearbox, Embracer has gone through rough times. Last year, it announced a major restructuring after a $2 billion investment deal (said to be from a group backed by Saudi Arabia’s sovereign wealth fund) fell apart. Since then, Embracer has has closed several studios and sold off others. It laid off 1,387 people in the second half of last year and canceled 29 unannounced games over a six-month period in 2023.
Elsewhere in the business of video games, Sega has sold Relic Entertainment (Warhammer 40,000 and Company of Heroes), which is now an independent studio thanks to the help of a mystery investor. Sega is also cutting around 240 jobs in Europe, adding to the extensive video game layoffs so far this year. Sega Europe, Creative Assembly (Total War) and Hardlight Studios (Two Point Hospital) are said to have been impacted.
The website gametalkz.com is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.
Top Authors
Popular Topics
rockpapershotgun.com
03.04.2024 / 18:21
Knights of the Old Republic remake devs insist the game is “alive and well” after their split from Embracer
Presumably, the remake of Star Wars: Knights of the Old Republic can’t hold up a newspaper with today’s date to prove that it is actually doing okay and hasn’t been quietly disposed of in a tax report somewhere, Warner Bros-style. As such, it falls to the head of current developers Saber Interactive to promise that the long-in-the-works Star Wars game is still “alive and well”.
gamesindustry.biz
03.04.2024 / 13:15
Gearbox Entertainment confirms layoffs following sale from Embracer
Gearbox Entertainment has announced an unspecified number of redundancies following its sale from Embracer last week.
pushsquare.com
31.03.2024 / 01:17
Take-Two Will Acquire Borderlands Dev Gearbox Entertainment | Push Square
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.
gamingbolt.com
29.03.2024 / 17:11
Gearbox Hit with Layoffs Following Acquisition by Take-Two Interactive
It was recently announced that Embracer Group is selling Gearbox Entertainment to Take-Two Interactive for $460 million, but though the Borderlands developer is escaping the grasp of a company that has been in love with layoffs this past year, it’s still been hit with a fresh round of layoffs nonetheless.
digitaltrends.com
28.03.2024 / 18:11
Embracer Group finally sells Gearbox Software, but keeps Gearbox Publishing
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.
rockpapershotgun.com
28.03.2024 / 16:47
A new Borderlands is "in active development" but new owners Take-Two don't have much to say
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.
techradar.com
28.03.2024 / 15:35
Embracer sell off more assets with Gearbox being acquired by Take-Two for $460m
Take-Two is acquiring Gearbox Interactive from Embracer Group for a cool $460m.
wccftech.com
28.03.2024 / 15:21
Take-Two Buys Gearbox for $460 Million, Confirms New Borderlands Game Among Other Things
We knew Gearbox Software was about to be sold by Embracer, and today, Take-Two announced it had reached an agreement to purchase the 25-year-old Texan developer for $460 million.
rockpapershotgun.com
28.03.2024 / 15:01
Embracer sell Borderlands devs Gearbox to Rockstar parent Take-Two for $460 million in shares
Embracer have announced that they're selling Borderlands developers Gearbox Entertainment to Take-Two Interactive, owners of 2K Games and GTA 6 developers Rockstar, for $460 million in Take-Two shares. Three Gearbox Software studios - the flagship studio in Texas, together with Gearbox Montréal and Gearbox Quebec - will change hands as part of the deal. Take-Two will also acquire the Borderlands and Tiny Tina's Wonderlands franchises, together with Homeworld, Risk of Rain, Brothers in Arms and Duke Nukem.
gamesradar.com
28.03.2024 / 13:31
Borderlands 4 is in "active development" and is just one of "numerous projects" Take-Two plans to release with Gearbox
Gearbox Entertainment has revealed that Borderlands 4 is in "active development," and is but one of several projects the developer plans to release with new owner Take-Two.
gameranx.com
28.03.2024 / 12:45
Take-Two Confirms Gearbox Is Making Borderlands 4 – And Five More Games
Take-Two Interactive has confirmed that Borderlands 4 is in development. But that’s not all they’re working on.