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Embracer Group Closes Multiple Studios, Cancels Several Games
posted on by Alex Mateo
The company overall aims to reduce debt below SEK (Swedish Krona) 10 billion (about US$932 million). The program is expected to run until March 2024, which is the end of the current fiscal year. Embracer Group currently employs about 17,000 people, and it stated that the "number will be lower by the end of the year."
The initial "immediate phase targets cost savings across the group." The next phase, which is also starting immediately, will requires "further analysis to determine specific actions." The last phase will "focus on internal consolidation, further resource utilization, and more synergies across the Group."
The company revealed on May 24 that negotiations had taken longer than originally anticipated for a deal that would have included US$2 billion in contracted development revenue over a six-year period.
Based in Karlstad, Sweden, Embracer Group is the parent company of businesses developing and publishing PC, console and mobile games for the global games market, and it owns over 250 franchises. Embracer Group's operative groups include THQ Nordic, Koch Media, Coffee Stain, Amplifier Game Invest, Saber Interactive, DECA Games, Gearbox Entertainment, and Easybrain.
Embracer Group AB, formerly known as THQ Nordic AB, is a parent company of 119 development studios dealing in console, mobile, PC, and board games. The company acquired game development studios Crystal Dynamics, Eidos-Montréal, and Square Enix Montréal from Square Enix Holdings Co., Ltd. in May, and acquired Dark Horse Media in December 2021.
PLAION is a member of the Embracer Group. PLAION PICTURES, the German film publishing subsidiary of the PLAION Group, acquired 100% of the shares of Anime Limited from its founders in October.
Sources: Embracer Group (link 2), Polygon (Nicole Carpenter)
