I completely forgot that Gearbox was owned by Embracer. I couldn't care less about the Borderlands announcement - or really anything about Gearbox itself, but this price seems really low to me. Is...
I completely forgot that Gearbox was owned by Embracer.
I couldn't care less about the Borderlands announcement - or really anything about Gearbox itself, but this price seems really low to me. Is Embracer still doing so poorly? My anger at how they got rid of Volition has subsided, my schadenfreude over their peril has passed, and now I just kind of feel sad for them.
Looks like it's still a mess, and they're still in serious debt so selling every asset of worth they have to try to get out from under it. From Wikipedia: https://en.wikipedia.org/wiki/Embracer_Group
Is Embracer still doing so poorly?
Looks like it's still a mess, and they're still in serious debt so selling every asset of worth they have to try to get out from under it. From Wikipedia:
In May 2023, the company announced that a $2 billion investment deal, which had been verbally agreed on in October 2022, had unexpectedly failed to materialise as the investing partner walked away from the deal after protracted negotiations. Shortly following the announcement, the company's shares fell by 40%. According to Axios, this partner was Savvy Games Group. Embracer Group consequently announced in June 2023 that it would immediately begin implementing a large-scale restructuring programme focused on cost reduction, comprising layoffs, studio closures and divestments, and project cancellations until March 2024. The company closed the THQ Nordic studio Campfire Cabal in June and the Plaion studios Volition in August and Free Radical Design in December. Other studios were subject to layoffs.
By November 2023, Embracer Group had laid off 904 employees, roughly 5% of its workforce, and cancelled at least fifteen projects. As such, the company had reduced its debt from $2 billion to $1.5 billion, though warned that further layoffs and studio closures were likely. In February 2024, it was reported that Embracer Group was finalising the sales of Saber Interactive and Gearbox Entertainment. The sale of Saber Interactive was announced in March 2024: For $247 million, Beacon Interactive, a company owned by Saber Interactive's co-founder Matthew Karch, bought Saber Interactive alongside its satellite studios and the subsidiaries 3D Realms, Bytex, Digic Pictures, Fractured Byte, Mad Head Games, New World Interactive, Nimble Giant Entertainment, Sandbox Strategies, Slipgate Ironworks, SmartPhone Labs, and Stuntworks. 34BigThings, 4A Games, Aspyr, Beamdog, Demiurge Studios, Shiver Entertainment, Snapshot Games, Tripwire Interactive, Tuxedo Labs, and Zen Studios remained with Embracer Group, to be integrated with other operative groups, although Beacon Interactive received an option to acquire 4A Games and Zen Studios in the future. The divestiture also comprised 2,950 employees (21% of Embracer Group's workforce), including all staff in Russia. According to Jason Schreier of Bloomberg News, Beacon Interactive plans to exercise its option for a combined purchase price of $500 million.
I completely forgot that Gearbox was owned by Embracer.
I couldn't care less about the Borderlands announcement - or really anything about Gearbox itself, but this price seems really low to me. Is Embracer still doing so poorly? My anger at how they got rid of Volition has subsided, my schadenfreude over their peril has passed, and now I just kind of feel sad for them.
Looks like it's still a mess, and they're still in serious debt so selling every asset of worth they have to try to get out from under it. From Wikipedia:
https://en.wikipedia.org/wiki/Embracer_Group