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Message   VRSS    All   Take-Two is buying Gearbox from Embracer for $460 million   March 28, 2024
 9:57 AM  

Feed: Engadget is a web magazine with obsessive daily coverage of everything new in gadgets and consumer electronics
Feed Link: https://www.engadget.com/
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Title: Take-Two is buying Gearbox from Embracer for $460 million

Date: Thu, 28 Mar 2024 14:57:11 +0000
Link: https://www.engadget.com/take-two-is-buying-g...

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 TinaΓÇÖs
Wonderlands, Homeworld, Risk of Rain, Brothers in Arms and Duke Nukem
franchises, along with ΓÇ£GearboxΓÇÖs future pipeline.ΓÇ¥ 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 ΓÇ£six key interactive entertainment projects
in various stages of development.ΓÇ¥ 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 ArabiaΓÇÖs 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.

This article originally appeared on Engadget at https://www.engadget.com/take-
two-is-buying-gearbox-from-embracer-for-460-million-145711528.html?src=rss

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