Ah yes, game industry consolidation is great isn't it. What could possibly go wrong when one company acquires a ton of others and then screws up?
Embracer Group are known for going on acquiring sprees and currently own the likes of THQ Nordic, Coffee Stain, Gearbox, Plaion (formerly Koch Media), Saber Group and all the studios they control like Flying Wild Hog, Warhorse Studios, 3D Realms, New World Interactive, Tripwire Interactive, Aspyr Media, Beamdog and the list just goes on and on and on. Their own website lists 850 IPs either owned or controlled.
Well, they're having a few problems. They announced in a previous revenue report that a "major strategic partnership that has been negotiated for seven months will not materialize", this deal included "USD 2 billion in contracted development revenue over a period of six years" - so it was a pretty huge hit to their plans.
Now less than a month later they're announcing a "comprehensive restructuring program", that will see amongst other things the closing of various currently undisclosed studios and terminating various projects. In an open letter the CEO Lars Wingefors mentioned their plan will "transform us from our current heavy-investment-mode to a highly cash-flow generative business this year".
Article taken from GamingOnLinux.com.
Quoting: KlaasName change to Exterminator Group incoming?
That should be "Extinguisher Group" of course.
Although I would have expected "Extender Group" before that. Maybe I've missed it.
Quoting: EhvisBlast, beat me to it!Quoting: KlaasName change to Exterminator Group incoming?
That should be "Extinguisher Group" of course.
benstor214 Jun 13, 2023
I’m looking at the gaming community which is rooting for Microsoft to buy Activision|Blizzard|King.
I read this as: We're going to make tons of cheap poorly made f2p cash grab games.
Quoting: dpanter'Huge hit' is a substantial understatement, more than 50% of their market value was destroyed in one fell swoop.Do we know how that happened?
Gotta love that corporate doublespeak. Which new gibberish will they invent next?
Quoting: dpanter'Huge hit' is a substantial understatement, more than 50% of their market value was destroyed in one fell swoop. Consequences arrive quickly when you're hurting.
I understand "partnership that has been negotiated for seven months will not materialize" as there hasn't been (much) actual money lost?
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