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28.03.2024 - 11:41 / polygon.com / Randy Pitchford / Matthew Karch
Troubled gaming conglomerate Embracer announced Thursday that it has agreed to sell Gearbox Entertainment, the studio behind the Borderlands games, to Grand Theft Auto publisher Take-Two for $460 million.
The deal makes a lot of sense — Take-Two has been the publisher for Borderlands through its 2K Games label since long before Gearbox was acquired by Embracer in 2021. In its press release, 2K said the next Borderlands game was in active development at Gearbox.
As part of the deal, Take-Two acquires the Borderlands franchise and its spinoff series Tiny Tina’s Wonderlands, as well as the Homeworld, Risk of Rain, Brothers in Arms, and Duke Nukem series. The studios acquired by Take-Two are the Gearbox Software mothership in Frisco, Texas, as well as Gearbox Montréal and Gearbox Studio Quebec.
Embracer is hanging on to a few parts of the Gearbox empire: Gearbox Publishing San Francisco (which well be renamed), including the publishing rights to the Remnant games and Hyper Light Breaker; Cryptic Studios, the massively multiplayer specialist, with its games Neverwinter Online and Star Trek Online; and support studios Lost Boys Interactive and Captured Dimensions.
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“As a significant long-term Embracer Group shareholder, I believe in the strategy for the Embracer Group going forward and am completely convinced that this transaction is the best possible scenario and an obvious net positive arrangement for Embracer Group, for Take-Two and, of course, for Gearbox Entertainment,” said Gearbox founder Randy Pitchford. “My primary interest is always Gearbox, including our talent and our customers. I want to personally ensure fans of our games that this arrangement will ensure that the experiences we have in development at Gearbox will be the best it can possibly be.”
For Embracer, the sale of Gearbox — one of its most prized assets — is the next step in a deep cost-cutting and restructuring process the company began last year after a reported $2 billion deal fell through. As part of its restructuring, Embracer laid off at least 900 people. Prior to its financial difficulties, the Swedish group, which began life as Nordic Games, had been on a wild acquisition spree that included the purchase of board game giant Asmodee, Square Enix’s Western studios and franchises including Tomb Raider, and the media rights for The Lord of the Rings.
Embracer also announced that it had completed the sale of another of its biggest studio groups, Saber Interactive, which it acquired in 2020. Saber’s founder Matthew Karch bought back the main Saber Interactive studio and
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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.
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.
Take-Two is acquiring Gearbox Interactive from Embracer Group for a cool $460m.
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.
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.
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.
Take-Two Interactive has confirmed that Borderlands 4 is in development. But that’s not all they’re working on.