Embracer Group
![]() Logo in use since September 2019 | |
Formerly |
|
---|---|
Company type | Public |
Nasdaq Stockholm: EMBRAC B | |
ISIN | SE0013121589 |
Industry | Video games |
Founded | 2011 |
Founder | Lars Wingefors |
Headquarters | , Sweden |
Key people | |
Revenue | ![]() |
![]() | |
![]() | |
Total assets | ![]() |
Total equity | ![]() |
Owners |
|
Number of employees | 15,218 (2023) |
Parent | Nordic Games Group (2011–2016) |
Subsidiaries | See § Subsidiaries |
Website | embracer |
Embracer Group AB (formerly Nordic Games Licensing AB and THQ Nordic AB) is a Swedish video game and media holding company based in Karlstad. The company comprises 10 operative groups: Amplifier Game Invest, Asmodee, CDE Entertainment, Coffee Stain, Dark Horse Media, Deca Games, Easybrain, Freemode, Plaion, and THQ Nordic.
Embracer Group was established as Nordic Games Licensing within Nordic Games Group in 2011. The latter had previously purchased assets from the bankrupt publisher JoWooD and established Nordic Games GmbH (a subsidiary of Nordic Games Licensing) to manage them. Nordic Games Licensing continued to purchase intellectual property from defunct publishers, notably several THQ products in 2013, followed by the "THQ" trademark in 2014. In August 2016, Nordic Games Licensing and Nordic Games GmbH changed their names to THQ Nordic. The parent company became a public company in 2016 and was renamed Embracer Group in 2019. Until 2023, Embracer Group rapidly grew through major acquisitions and investments. After a US$2 billion investment unexpectedly fell through, the company was more than $2 billion in debt and began closing and selling multiple studios and while laying off people at others.
On 22 April 2024, Embracer Group announced its intention to transform into three standalone publicly listed entities on Nasdaq Stockholm within the next two years: a board game segment under the Asmodee group, an indie games segment under Coffee Stain Publishing, and a segment to manage its library of licensed intellectual properties include that of Tolkien's Middle Earth.[4]
History
[edit]The original Nordic Games (1990s–2004)
[edit]The Swedish entrepreneur Lars Wingefors started several sales businesses during his teenage years, including the second-hand comic book seller LW Comics at age 13, which made close to 300,000 kr annually.[5][6] At age 16, Wingefors founded Nordic Games to sell used video games. In its first year, the company generated 5 million kr in revenue. With growing income throughout the 1990s, Nordic Games was turned into a retail chain and opened seven locations across Sweden.[5] The company also acquired the store Spel- & Tele shopen in Linköping that Pelle Lundborg had opened four years earlier.[7]
Towards the end of the 1990s, Nordic Games was suffering from a poor corporate structure. Although Wingefors was asked to either seek new partners or bring in venture capital, he opted to sell the company to Gameplay Stockholm, the Swedish subsidiary of Europe-wide retailer Gameplay.com, in March 2000 for stock valued at £5.96 million.[5][8] Under Gameplay.com, Nordic Games failed to generate much revenue. It tried to establish mobile game, digital distribution and cable TV box businesses, all of which did not gain traction.[5] When the dot-com bubble burst, Gameplay.com faced financial issues, and Nordic Games was sold back to Wingefors in May 2001 for a symbolic sum of 1 kr (at the time equivalent to £0.07).[5][9][10] Wingefors brought in venture capitalists and reformed the company to only sell newly released games, but the company faced strong competition and finally filed for bankruptcy in 2004.[5]
The new Nordic Games (2004–2011)
[edit]Wingefors invested the money he had left into a new limited company and, together with potential customers acting as investors, reformed Nordic Games under the name Game Outlet Europe.[5] The new company saw success with purchasing unsold inventory from larger video game companies (such as Electronic Arts), repackaging them on pallets in its Karlstad headquarters, and selling them on the international market and through other retail chains, including Jula, Coop, and ICA.[5][6] In December 2008, Nordic Games Publishing was established as the video game publishing subsidiary of Game Outlet Europe.[7] The subsidiary started out with seven people, including primary shareholder Wingefors, based in Karlstad, and chief executive officer Lundborg, who had since moved to Málaga with his wife.[7][11] Nik Blower in London was added to the management team in February 2010.[7][12]
The idea behind Nordic Games Publishing was to invest in the development of games that would fill gaps in the video game market. Wingefors and Lundborg had noticed that the line-up of games for Nintendo platforms was lacking karaoke games similar to SingStar, which was exclusive to PlayStation consoles.[7] Based on 100-page requirement documents from Nintendo, which included that the game's microphones should be produced by Logitech, and four months of research at a karaoke bar in Watford, England, Nordic Games Publishing assembled a song list for a prospective game and started producing what would later become We Sing.[7] Around this time, Nordic Games Publishing also released Dance Party Club Hits, a dance game that came bundled with a dancing mat.[7] In 2009, Nordic Games Publishing had a turnover of 50 million kr, of which 75% were accounted for by sales of We Sing.[7] For 2010, the company projected a turnover of 200 million kr, while at the same time, Lundborg was looking for new investors to make the company independent of Game Outlet Europe.[7] By March 2011, Nordic Games Holding had been established as a holding company, with Game Outlet Europe and Nordic Games Publishing aligned as its subsidiaries.[5]
Initial international expansion (2011–2018)
[edit]![](http://upload.wikimedia.org/wikipedia/commons/thumb/1/1b/THQ_Nordic_logo_2016.svg/220px-THQ_Nordic_logo_2016.svg.png)
In June 2011, Nordic Games Holding acquired the assets of the insolvent publisher JoWooD and its subsidiaries.[13][14] The acquired assets were transferred to Nordic Games GmbH, a newly established subsidiary office in Vienna, Austria.[15] Several former JoWooD employees were hired by Nordic Games GmbH to work on the backlog sales of former JoWooD properties, and Nordic Games Publishing was integrated into Nordic Games GmbH to facilitate publishing operations.[16] Nordic Games Licensing AB, also established in 2011, became the holding company within Nordic Games Holding (later known as Nordic Games Group), as well as the parent company of Nordic Games GmbH.[17][18] In April 2013, Nordic Games Licensing bought several assets of the bankrupt publisher THQ to be managed by Nordic Games GmbH.[17] It obtained the "THQ" trademark in June 2014, intending to use the name as a publishing label for its THQ properties.[19] Subsequently, in August 2016, the company changed its name to THQ Nordic, while Nordic Games GmbH became THQ Nordic GmbH.[19][20] According to Wingefors and THQ Nordic GmbH's Reinhard Pollice, the name change was undergone to capitalise on the good reputation of THQ's past, although they avoided naming the companies just "THQ" to avoid connections to the bankrupt publisher's more recent troubled history.[19]
THQ Nordic undertook its initial public offering on 22 November 2016 and became a public company listed on the Nasdaq First North stock exchange, being valuated at 1.9 billion kr, while Wingefors retained a 50% ownership in the company.[21] In February 2018, THQ Nordic acquired the Austrian multimedia company Koch Media, which operated the Deep Silver video game label, for €121 million.[22] Koch Media was set to operate independently under THQ Nordic, separate from THQ Nordic GmbH.[22] To better reflect its holding function and to avoid confusion between THQ Nordic and its Viennese office, THQ Nordic stated that it planned to rename itself in the future.[22] In June 2018, the company issued 7.7 million new Class B shares to raise US$168 million for future acquisitions.[23] The company bought the Coffee Stain group, including houses developer Coffee Stain Studios, for 317 million kr in cash.[24] Coffee Stain became THQ Nordic's "third leg", operating independently like Koch Media.[24] Through the two acquisitions and continued sales from THQ Nordic GmbH, THQ Nordic's net sales rose by 713%, to $447.6 million, in its 2018 fiscal year.[25] In December 2018, GamesIndustry.biz named Wingefors as one of their People of the Year.[11]
Rebranding as Embracer Group and rapid growth (2019–2022)
[edit]In February 2019, THQ Nordic issued 11 million new Class B shares and raised 2.09 billion kr.[26] At the end of its first fiscal quarter of 2019, THQ Nordic bought Game Outlet Europe for 10 million kr from Nordic Games Group, which was still majority-owned by Wingefors.[27] THQ Nordic then bought the investment arm of Goodbye Kansas, Goodbye Kansas Game Invest (GKGI), and its investments in five startup developers—Palindrome Interactive, Fall Damage, Neon Giant, Kavalri Games and Framebunker—for 42.4 million kr.[28][29] GKGI was later rebranded Amplifier Game Invest to reflect its new ownership.[30]
To avoid further confusion with THQ Nordic GmbH and clarify its position as a holding company, THQ Nordic assumed the name "Embracer Group" at its annual general meeting on 17 September 2019, while the branch in Vienna retained its name.[31][32] In the following months, Embracer made several acquisitions and openings: Amplifier Game Invest bought Tarsier Studios for 99 million kr. in December 2019 and opened River End Games and C77 Entertainment in January 2020.[33][34][35] Embracer Group acquired Saber Interactive and its five satellite studios in February 2020 for a $525 million to establish its fifth operative group.[36] The holding raised $164 million in April 2020 for future expansion and bought Deca Games as its sixth operative group for €25 million in August 2020.[37][38] In the same month, the Embracer Group announced the acquisitions of Palindrome Interactive, Rare Earth Games and Vermila Studios under Amplifier Game Invest, 4A Games and New World Interactive under Saber Interactive, Pow Wow Entertainment under THQ Nordic, and Sola Media under Koch Media's film division.[39] By November, the company had also purchased 34BigThings, Mad Head Games, Nimble Giant Entertainment, Sandbox Strategies, Snapshot Games and Zen Studios via Saber Interactive, A Thinking Ape Entertainment and IUGO Mobile Entertainment via Deca Games, Flying Wild Hog via Koch Media, Purple Lamp Studios via THQ Nordic, Silent Games via Amplifier Game Invest, as well as Quantic Lab directly.[40] According to Klemens Kreuzer, the chief executive officer of THQ Nordic, the large number of acquisitions represented a portfolio diversification that contrasted the reliance of larger publishers like Electronic Arts on a few keystone titles.[41]
Embracer Group announced three major acquisitions in February 2021: Gearbox Entertainment (including Gearbox Software) for $1.3 billion and Easybrain for $640 million as the seventh and eighth operative groups, as well as Aspyr (under Saber Interactive) for $450 million.[42][43][44] These acquisitions were completed by April 2021.[45] Embracer Group began issuing additional stock in March 2021 and raised another $890 million to further its acquisition strategies.[46] That year, the company also bought 3D Realms, Demiurge Studios, Fractured Byte, Slipgate Ironworks and SmartPhone Labs through Saber Interactive, Appeal Studios, Kaiko and Massive Miniteam through THQ Nordic, Frame Break through Amplifier Game Invest, CrazyLabs through Deca Games, Ghost Ship Games and Easy Trigger Games through Coffee Stain, DigixArt through Koch Media, as well as Grimfrost directly.[47][48][49] Asmodee, which principally distributed board games, became Embracer Group's ninth operative group for €2.75 billion in December 2021.[50] In the same month, Embracer Group announced its tenth operative group with the acquisition of Dark Horse Media, the parent company of Dark Horse Comics and Dark Horse Entertainment, and Gearbox Entertainment purchased Perfect World Entertainment, including Cryptic Studios, for $125 million.[51][52]
In May 2022, Square Enix and Embracer Group entered into an agreement for the latter to purchase Crystal Dynamics, Eidos-Montréal, and Square Enix Montreal, alongside intellectual properties like Tomb Raider, Deus Ex, Thief, and Legacy of Kain, for $300 million.[53][54] The acquisition was closed by August 2022 and the assets transferred to CDE Entertainment.[55][56] Square Enix Montréal was briefly rebranded as Onoma but closed in November 2022 in a cost reduction measure.[57][58] Additionally, Embracer Group created the Embracer Group Archive video game preservation effort in May and established its eleventh operative group, Freemode, from C77 Entertainment, Game Outlet Europe, Grimfrost, Quantic Lab, and the newly purchased Bitwave Games, Clear River Games, Gioteck, and Tatsujin.[59][60] The latter was subsequently expanded with the acquisitions of Limited Run Games, Singtrix, and Middle-earth Enterprises, which owns the media rights for The Lord of the Rings and The Hobbit.[61][62]
Debt and restructuring (2022–present)
[edit]Savvy Gaming Group (later Savvy Games Group), a company wholly owned by Saudi Arabia's Public Investment Fund, invested about $1 billion into Embracer Group in June 2022, gaining an 8.1% stake.[63] Embracer Group transitioned from Nasdaq First North to Nasdaq Stockholm on 22 December 2022.[64] 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%.[65] According to Axios, this partner was Savvy Games Group.[66] 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.[67] The company closed the THQ Nordic studio Campfire Cabal in June and the Plaion studios Volition in August and Free Radical Design in December.[68][69][70] Other studios were subject to layoffs.[71][72]
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.[73] In February 2024, it was reported that Embracer Group was finalising the sales of Saber Interactive and Gearbox Entertainment.[74][75] The sale of Saber Interactive was announced in March 2024. Beacon Interactive, a company owned by Saber Interactive's co-founder Matthew Karch, bought Saber Interactive for $247 million 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.[76][77] The divestiture also comprised 2,950 employees (21% of Embracer Group's workforce), including all staff in Russia.[78] According to Jason Schreier of Bloomberg News, Beacon Interactive plans to exercise its option for a combined purchase price of $500 million.[76][77]
In March 2024, Take-Two Interactive announced that they will acquire Gearbox Entertainment and will be moved under the 2K label. After the sale will be closed, Gearbox Entertainment will retain Gearbox Software, Gearbox Publishing, Gearbox Studio Montreal, Gearbox Studio Quebec, Gearbox Properties and the Borderlands, Homeworld, Risk of Rain, Brothers in Arms and Duke Nukem franchises, while Embracer Group retained Gearbox Publishing San Francisco (including Gearbox Shanghai), which was renamed Arc Games; Cryptic Studios; Lost Boys Interactive; and Captured Dimensions alongside several titles. Retained companies will be integrated into other parts of Embracer Group in the coming period.[79]
With the sale of Gearbox, Embracer CEO Lars Wingefors stated that the company restructuring was complete, and had no short term plans to restart mergers or acquisitions, instead focusing on "simply making better products and games" to improve cash flow.[80] From June 2023 to May 2024, the structuring had led to the loss of 4532 employees, the closure of 44 studios, and cancellation of 80 in-development projects [81] (Including new DeusEx,[82] TimeSplitters[83] and Red Faction[84] games). Despite these steps, the company still faced $1.5 billion in debt.[85]
In April 2024, Embracer Group announced that it would split up into three separate publicly-traded companies on the Swedish stock market within the next two years. The "Middle-earth Enterprises & Friends", a placeholder name and the legal successor to Embracer Group, will be used for triple-A game development and publishing for its major IP properties, and will include Crystal Dynamics, Dambuster, Eidos Montreal, Flying Wild Hog, Tripwire, Vertigo Games, Warhorse Studios and 4A Games, as well as publishers Plaion, Dark Horse Comics, and Freemode. The Asmodee Group will be the publisher of board and card games from Asmodee and its studios. "Coffee Stain & Friends", a placeholder name, will include the indie game publishers and studios, including Coffee Stain, THQ Nordic, Ghost Ship, Tuxedo Labs, Tarsier, and Amplifier Game Invest. The latter two companies are expected to be split off within 2025. Wingefors will own all three companies and remain as the group CEO once the splits are complete.[86][87][88]
In May 2024, Nintendo announced their acquisition of Shiver Entertainment from Embracer, subject to closing conditions.[89][90] In June 2024, Embracer closed Alone in the Dark (2024) developer Pieces Interactive, following the game's disappointing performance.[91] In July, it was reported that Piranha Bytes was quietly shuttered at the end of June.[92]
Subsidiaries
[edit]As of June 2024, Embracer Group employs 12,000+ people across 108 studios in 10 operative groups.[93]
- THQ Nordic
- Alkimia Interactive
- Appeal Studios
- Ashborne Games
- Black Forest Games
- Bugbear Entertainment
- Experiment 101
- Gate21
- Grimlore Games
- Gunfire Games
- HandyGames
- Massive Miniteam
- Kaiko
- Metricminds
- Mirage Game Studios
- Nine Rocks Games
- Pow Wow Entertainment
- Purple Lamp
- Plaion
- Deep Silver
- Development Plus
- DigixArt
- Flying Wild Hog
- Flying Wild Hog Cracow
- Flying Wild Hog Rzeszów
- Milestone
- Plaion Pictures
- Anime Limited
- Sola Media
- Spotfilm Networx
- Prime Matter
- Ravenscourt
- Splatter Connect
- Vertigo Games
- Vertigo Arcade
- Vertigo Publishing
- Vertigo Publishing Amsterdam
- Vertigo Studios
- SpringboardVR
- Voxler
- Warhorse Studios
- Coffee Stain
- Box Dragon
- Coffee Stain Studios
- Coffee Stain Gothenburg
- Coffee Stain Malmö
- Coffee Stain North
- Coffee Stain Publishing
- Easy Trigger Games
- Ghost Ship Games
- Ghost Ship Publishing
- Lavapotion
- Amplifier Game Invest
- A Creative Endeavor
- DestinyBit
- Frame Break
- Green Tile Digital
- Infinite Mana Games
- Invisible Walls
- Misc Games
- Palindrome Interactive
- Rare Earth Games
- Silent Games
- Studio Hermitage
- Tarsier Studios
- Zapper Games
- Deca Games
- A Thinking Ape Entertainment
- CrazyLabs
- Firescore Interactive
- Cryptic Studios
- IUGO Mobile Entertainment
- Jufeng Studio
- Easybrain
- Asmodee
- Access+
- Aconyte
- Atomic Mass Games
- Bezzerwizzer Studio
- Catan Studio
- Days of Wonder
- Edge Entertainment
- Exploding Kittens
- Fantasy Flight Games
- Gamegenic
- Libellud
- Lookout Games
- Mixlore
- Pearl Games
- Plan B Games
- Plaid Hat Games
- Rebel Studio
- Repos Production
- Space Cow
- Space Cowboys
- The Green Board Game Co.
- Twin Sails Interactive
- Unexpected Games
- VR Group
- Z-Man Games
- Zygomatic Games
- Dark Horse Media
- Freemode
- Bitwave Games
- C77 Entertainment
- Clear River Games
- Game Outlet Europe
- Gioteck
- Grimfrost
- Limited Run Games
- Middle-earth Enterprises
- Quantic Lab
- Singtrix
- Tatsujin
- CDE Entertainment
- Crystal Dynamics
- Crystal Northwest
- Crystal Southwest
- Eidos-Montréal
- Crystal Dynamics
- Other studios
- 34BigThings
- 4A Games
- Arc Games
- Aspyr
- Captured Dimensions
- Demiurge Studios
- Lost Boys Interactive
- Snapshot Games
- Tripwire Interactive
- Tuxedo Labs
- Zen Studios
Divested Subsidiaries
[edit]- Foxglove Studios (founded by THQ Nordic in 2016, divested in 2019)
- Vermila Studios (acquired by Amplifer Game Invest in August 2020, divested in 2023)
- Goose Byte (founded by Amplifier Game Invest in December 2021, divested in August 2023)
- River End Games (founded by Amplifier Game Invest in January 2020, divested in November 2023)
- Saber Interactive (acquired in February 2020, divested in March 2024)
- Rainbow Studios (reestablished by THQ Nordic in January 2013, divested in March 2024)
- Shiver Entertainment (acquired by Saber Interactive in December 2021, sold to Nintendo in May 2024)
- Gearbox Entertainment (acquired in 2021, sold to Take-Two Interactive in June 2024)
Closed subsidiaries
[edit]- Square Enix Montréal (acquired by CDE Entertainment in August 2022, closed in November 2022)
- Plucky Bytes (founded by Amplifier Game Invest in November 2020, closed in 2023)
- Campfire Cabal (founded by THQ Nordic in September 2022, closed in August 2023)
- Volition (acquired by Deep Silver in January 2013, closed in August 2023)
- Free Radical Design (reestablished by Deep Silver in May 2021, closed in December 2023)
- Pieces Interactive (acquired by THQ Nordic in 2017, closed in June 2024)
- Piranha Bytes (acquired by THQ Nordic in 2019, closed in June 2024)
References
[edit]- ^ a b c d "Board & Management". Embracer Group. Archived from the original on 20 September 2019. Retrieved 17 September 2019.
- ^ a b c d e "Embracer Group AB 2023 Annual Report & Sustainbility Report" (PDF). Embracer Group. 21 June 2022. Archived (PDF) from the original on 30 June 2023. Retrieved 16 July 2023.
- ^ a b "Prospectus for Admission to Trading of Class B Shares in Embracer Group AB (publ) on Nasdaq Stockholm" (PDF). Embracer Group. 19 December 2022. Archived (PDF) from the original on 30 December 2022. Retrieved 30 December 2022.
- ^ MarketScreener (22 April 2024). "Invitation to presentation of Embracer Group's intention to transform into three standalone publicly listed entities at Nasdaq Stockholm - MarketScreener". www.marketscreener.com. Retrieved 22 April 2024.
- ^ a b c d e f g h i Mellwing, Daniel (1 March 2011). "Han är superentreprenören från Karlstad" [He is the super-entrepreneur from Karlstad]. Entreprenör (in Swedish). Archived from the original on 1 May 2019. Retrieved 17 March 2019.
- ^ a b "Dansk arbetsrätt ett föredöme" [Danish labor law an example]. Confederation of Swedish Enterprise (in Swedish). 9 August 2011. Archived from the original on 9 January 2020. Retrieved 17 March 2019.
- ^ a b c d e f g h i Åkerberg, Nina (28 November 2009). "Svensk tar sig ton i spelvärlden" [Swedish take note in the gaming world]. Dagens industri (in Swedish). Archived from the original on 24 January 2020. Retrieved 17 March 2019.
- ^ Atkinson, Mark (4 April 2000). "Joining the dots loses its appeal". The Guardian. Archived from the original on 29 April 2018. Retrieved 8 October 2020.
- ^ Connell, James (16 May 2001). "Tech Brief:GAME OVER". The New York Times. Archived from the original on 14 January 2020. Retrieved 17 March 2019.
- ^ Richardson, Tom (17 May 2001). "Gameplay division sold for £1". The Register. Archived from the original on 19 July 2018. Retrieved 17 March 2019.
- ^ a b Batchelor, James (6 December 2018). "People of the Year 2018: Lars Wingefors". GamesIndustry.biz. Archived from the original on 13 December 2018. Retrieved 17 March 2019.
- ^ "Management Team Strengthens" (Press release). Nordic Games Publishing. 20 February 2010. Archived from the original on 18 August 2010.
- ^ Martin, Matt (16 August 2011). "Nordic Games acquires JoWood and The Adventure Company". GamesIndustry.biz. Archived from the original on 17 August 2016. Retrieved 17 March 2019.
- ^ Leo, Jon (17 August 2011). "Nordic Games Holding acquires JoWood and The Adventure Company". GameSpot. Archived from the original on 6 March 2019. Retrieved 17 March 2019.
- ^ Cifaldi, Frank (16 August 2011). "Nordic Games Saves JoWood From Insolvency With Acquisition". Gamasutra. Archived from the original on 13 May 2014. Retrieved 17 March 2019.
- ^ "Group History". Nordic Games Group. Archived from the original on 31 July 2016.
- ^ a b Tach, Dave (22 April 2013). "Who is Nordic Games?". Polygon. Archived from the original on 23 January 2019. Retrieved 17 March 2019.
- ^ "Årsredovisning – Nordic Games Licensing AB" [Annual report – Nordic Games Licensing AB] (PDF) (in Swedish). Embracer Group. 7 June 2016. Archived (PDF) from the original on 22 December 2021. Retrieved 22 December 2021.
- ^ a b c Frank, Allegra (16 August 2016). "THQ Nordic is ready to prove itself after a big name change". Polygon. Archived from the original on 27 October 2018. Retrieved 17 March 2019.
- ^ "THQ Nordic AB (publ) – Interim Report – 1 January—30 September 2016" (PDF). Embracer Group. 25 October 2016. Archived (PDF) from the original on 22 December 2021. Retrieved 22 December 2021.
- ^ Samavati, Shaheen (23 November 2016). "THQ Nordic valuation grows to €190 million after IPO on Nasdaq First North". Tech.eu. Archived from the original on 20 June 2018. Retrieved 17 March 2019.
- ^ a b c Fröhlich, Petra (15 February 2018). "Analyse: Was THQ Nordic mit Koch Media vor hat" [Analysis: What THQ Nordic has in mind with Koch Media]. GamesWirtschaft (in German). Archived from the original on 2 February 2019. Retrieved 17 March 2019.
- ^ Kidwell, Emma (14 June 2018). "THQ Nordic raises $168 million for future acquisitions". Gamasutra. Archived from the original on 16 June 2018. Retrieved 17 March 2019.
- ^ a b Romano, Sal (14 November 2018). "THQ Nordic acquires Bugbear Entertainment and Coffee Stain Studios". Gematsu. Archived from the original on 2 May 2019. Retrieved 17 March 2019.
- ^ Batchelor, James (13 February 2019). "THQ Nordic net sales rose 713% to $447.6m in 2018". GamesIndustry.biz. Archived from the original on 13 February 2019. Retrieved 17 March 2019.
- ^ Batchelor, James (21 February 2019). "THQ Nordic raises $225m for further acquisitions". GamesIndustry.biz. Archived from the original on 22 February 2019. Retrieved 17 March 2019.
- ^ "THQ Nordic AB (publ) Reg No.: 556582-6558 Interim Report 1 • 1 April – 30 June 2019" (PDF). Embracer Group. 14 August 2019. Archived (PDF) from the original on 14 March 2024. Retrieved 14 March 2024.
- ^ Handrahan, Matthew (14 August 2019). "THQ Nordic strengthens portfolio with Goodbye Kansas Game Invest acquisition". GamesIndustry.biz. Archived from the original on 14 August 2019. Retrieved 14 August 2019.
- ^ "THQ Nordic AB (publ) acquires Goodbye Kansas Game Invest" (PDF). Embracer Group. 14 August 2019. Archived from the original (PDF) on 28 September 2019. Retrieved 17 September 2019.
- ^ Taylor, Ivy (15 January 2020). "Goodbye Kansas Game Invest re-brands as Amplifier Game Invest". GamesIndustry.biz. Archived from the original on 15 January 2020. Retrieved 15 January 2020.
- ^ Romano, Sal (14 August 2019). "THQ Nordic to change parent company group name to Embracer Group". Gematsu. Archived from the original on 14 August 2019. Retrieved 14 August 2019.
- ^ "THQ Nordic becomes Embracer Group" (PDF). Embracer Group. 17 September 2019. Archived from the original (PDF) on 22 September 2019. Retrieved 17 September 2019.
- ^ Batchelor, James (20 December 2019). "Embracer Group acquires Little Nightmares dev Tarsier Studios for $10.5m". GamesIndustry.biz. Archived from the original on 20 December 2019. Retrieved 21 December 2019.
- ^ Batchelor, James (24 January 2020). "Amplifier Game Invest opened new development studio in Sweden". GamesIndustry.biz. Archived from the original on 24 January 2020. Retrieved 30 January 2020.
- ^ Taylor, Ivy (30 January 2020). "Amplifier Game Invest opens Seattle studio". GamesIndustry.biz. Archived from the original on 30 January 2020. Retrieved 30 January 2020.
- ^ Taylor, Ivy (19 February 2020). "Embracer Group acquires Saber Interactive in $525m deal". GamesIndustry.biz. Archived from the original on 19 February 2020. Retrieved 19 February 2020.
- ^ Taylor, Ivy (8 April 2020). "Embracer Group raises $164m for acquisition and expansion". GamesIndustry.biz. Archived from the original on 11 April 2020. Retrieved 8 April 2020.
- ^ "Embracer Group Acquires Deca Games" (Press release). Embracer Group. 13 August 2020. Archived from the original on 8 September 2020. Retrieved 13 August 2020.
- ^ Kerr, Chris (13 August 2020). "THQ parent company Embracer has purchased Metro dev 4A Games and others". Gamasutra. Archived from the original on 15 August 2020. Retrieved 13 August 2020.
- ^ Romano, Sal (18 November 2020). "Embracer Group acquires 34BigThings, Flying Wild Hog, Nimble Giant Entertainment, Purple Lamp Studios, Snapshot Games, Zen Studios, more". Gematsu. Archived from the original on 18 November 2020. Retrieved 18 November 2020.
- ^ Takahashi, Dean (5 December 2020). "Why THQ Nordic has joined the game studio acquisition binge". VentureBeat. Archived from the original on 6 December 2020. Retrieved 6 December 2020.
- ^ Takahashi, Dean (2 February 2021). "Embracer Group acquires Borderlands maker Gearbox Entertainment for $1.3 billion". VentureBeat. Archived from the original on 3 February 2021. Retrieved 2 February 2021.
- ^ Takahashi, Dean (2 February 2021). "Embracer Group acquires mobile game maker Easybrain for $640 million". VentureBeat. Archived from the original on 3 February 2021. Retrieved 2 February 2021.
- ^ Takahashi, Dean (2 February 2021). "Embracer Group acquires Aspyr Media for up to $450 million". VentureBeat. Archived from the original on 3 February 2021. Retrieved 2 February 2021.
- ^ Romero, Sal (6 April 2021). "Embracer Group completes merger with The Gearbox Entertainment Company". Gematsu. Archived from the original on 6 April 2021. Retrieved 6 April 2021.
- ^ Batchelor, James (18 March 2021). "Embracer Group raising over $890m for even more acquisitions". GamesIndustry.biz. Archived from the original on 18 March 2021. Retrieved 18 March 2021.
- ^ "Embracer Group acquires Appeal Studios, KAIKO, Massive Miniteam and FRAME BREAK" (Press release). Embracer Group. 11 May 2021. Archived from the original on 12 May 2021. Retrieved 12 May 2021.
- ^ Kerr, Chris (5 August 2021). "Embracer buys eight studios including Ghost Ship Games, 3D Realms, and Digixart". Gamasutra. Archived from the original on 5 August 2021. Retrieved 5 August 2021.
- ^ Romano, Sal (18 August 2021). "Embracer Group acquires Demiurge Studios, Fractured Byte, and SmartPhone Labs". Gematsu. Archived from the original on 18 August 2021. Retrieved 18 August 2021.
- ^ Rousseau, Jeffrey (15 December 2021). "Embracer purchases Asmodee for €2.75bn". GamesIndustry.biz. Archived from the original on 15 December 2021. Retrieved 15 December 2021.
- ^ Partis, Danielle (21 December 2021). "Embracer acquires Dark Horse, Shiver Entertainment and Spotfilm Networx". GamesIndustry.biz. Archived from the original on 21 December 2021. Retrieved 21 December 2021.
- ^ Batchelor, James (22 December 2021). "Embracer Group acquires Perfect World Entertainment, Digic". GamesIndustry.biz. Archived from the original on 22 December 2021. Retrieved 22 December 2021.
- ^ Bankhurst, Adam (2 May 2022). "Embracer Group Enters Agreement to Acquire Eidos, Crystal Dynamics, and Square Enix Montreal for $300 Million". IGN. Archived from the original on 3 May 2022. Retrieved 2 May 2022.
- ^ "Embracer Group enters into an agreement to acquire Eidos, Crystal Dynamics, and Square Enix Montréal amongst other assets" (Press release). Embracer Group. 2 May 2022. Archived from the original on 2 May 2022. Retrieved 2 May 2022.
- ^ Nightingale, Ed (26 August 2022). "Embracer Group completes acquisition of Square Enix's western studios". Eurogamer. Archived from the original on 23 November 2022. Retrieved 26 August 2022.
- ^ Schreier, Jason (1 November 2022). "Embracer Group Shuts Down Montreal Video Game Studio". Bloomberg News. Archived from the original on 1 November 2022. Retrieved 1 November 2022.
- ^ Sinclair, Brendan (1 November 2022). "Embracer closing former Square Enix Montreal studio and QA team". GamesIndustry.biz. Archived from the original on 1 November 2022. Retrieved 19 December 2022.
- ^ Litchfield, Ted (28 May 2022). "The Embracer Group is now collecting historical games in addition to developers". PC Gamer. Archived from the original on 29 May 2022. Retrieved 29 May 2022.
- ^ "Embracer Group Announces the 11[th] Operating Group: Embracer Freemode" (Press release). Embracer Group. 18 August 2022. Archived from the original on 30 November 2023. Retrieved 14 March 2024.
- ^ Prescott, Shaun (18 August 2022). "Embracer goes on spending spree: buys Lord of the Rings IP rights, Tripwire Interactive, and more". PC Gamer. Archived from the original on 18 August 2022. Retrieved 11 May 2023.
- ^ Tolbert, Samuel (18 August 2022). "Embracer Group acquires The Lord of the Ring IP, Limited Run Games, Tripwire Interactive, and more". Windows Central. Archived from the original on 18 August 2022. Retrieved 18 August 2022.
- ^ Partis, Danielle (8 June 2022). "Saudi Arabia acquires $1bn stake in Embracer Group". Gamesindustry.biz. Archived from the original on 8 June 2022. Retrieved 8 June 2022.
- ^ Dealessandri, Marie (8 December 2022). "Embracer approved to trade on Nasdaq Stockholm". GamesIndustry.biz. Archived from the original on 10 December 2022. Retrieved 10 December 2022.
- ^ Totilo, Stephen (24 May 2024). "$2 billion partnership deal falls through for Embracer Group". Axios. Archived from the original on 29 February 2024. Retrieved 14 March 2024.
- ^ Tolito, Stephen (14 August 2023). "Scoop: Saudi-funded Savvy Games was the mystery partner in collapsed $2B Embracer deal". Axios. Archived from the original on 15 August 2023. Retrieved 14 August 2023.
- ^ "Embracer Group announces comprehensive restructuring program with immediate implementation" (Press release). Embracer Group. 13 June 2023. Archived from the original on 9 November 2023. Retrieved 13 June 2023.
- ^ Lyles, Taylor (4 August 2023). "Embracer Group Is Starting to Close Studios After Losing Out on Deal Worth Billions". IGN. Archived from the original on 4 August 2023. Retrieved 6 August 2022.
- ^ Scullion, Chris (31 August 2023). "Saints Row developer Volition has been closed 'effective immediately'". Video Games Chronicle. Archived from the original on 31 August 2023. Retrieved 31 August 2023.
- ^ Phillips, Tom (11 December 2023). "TimeSplitters studio Free Radical Design closed today, staff say". Eurogamer. Archived from the original on 11 December 2023. Retrieved 11 December 2023.
- ^ McGregor, Jody (23 September 2023). "26 staff have been laid off at Baldur's Gate: Enhanced Edition studio Beamdog". PC Gamer. Archived from the original on 24 September 2023. Retrieved 23 September 2023.
- ^ Wales, Matt (20 September 2023). "Embracer Group layoffs hit Tomb Raider developer Crystal Dynamics". Eurogamer. Archived from the original on 21 September 2023. Retrieved 23 September 2023.
- ^ Ivan, Tom (16 November 2023). "Embracer has written down 15 projects, says further studio closures and buyouts planned". Video Games Chronicle. Archived from the original on 16 November 2023. Retrieved 16 November 2023.
- ^ Schreier, Jason (29 February 2024). "Embracer Group to Sell Saber, Developer of a New 'Star Wars' Game Remake, in $500 Million Deal". Bloomberg News. Archived from the original on 29 February 2024. Retrieved 29 February 2024.
- ^ Gach, Ethan (29 February 2024). "Sources: Borderlands Studio Will Escape The Most Divisive Company In Gaming". Kotaku. Archived from the original on 5 March 2024. Retrieved 14 March 2024.
- ^ a b Robinson, Andy (14 March 2024). "Embracer confirms $247m sale of Saber assets and withdraws from Russia". Video Games Chronicle. Archived from the original on 14 March 2024. Retrieved 14 March 2024.
- ^ a b Romano, Sal (14 March 2024). "Saber Interactive to split from Embracer Group [Update]". Gematsu. Archived from the original on 14 March 2024. Retrieved 14 March 2024.
- ^ "Embracer Group ceases all operations in Russia through the divestment of selected assets from the operative group Saber Interactive" (Press release). Embracer Group. 14 March 2024. Archived from the original on 14 March 2024. Retrieved 14 March 2024.
- ^ "Embracer Group divests Gearbox Entertainment for a consideration of USD 460 million to Take-Two Interactive Software, Inc". Embracer Group. Retrieved 28 March 2024.
- ^ Lane, Rick (29 March 2024). "As restructuring ends with the sale of Gearbox, Embracer's CEO has a new plan: 'simply making better products and games'". PC Gamer. Retrieved 30 March 2024.
- ^ Nightengale, Ed (23 May 2024). "Here's the human cost of Embracer's restructuring programme". Eurogamer. Retrieved 23 May 2024.
- ^ Holister, Sean (29 January 2024). "Embracer lays off 97 Eidos employees and cancels new Deus Ex game". The Verge. Retrieved 29 January 2024.
- ^ Yin-poole, Wesley (21 March 2024). "Canceled TimeSplitters Reboot Looks a Lot Like Fortnite". Ign. Retrieved 21 March 2024.
- ^ Blake, Vikky (22 June 2024). "Red Faction: Guerrilla sequel was another Embracer casualty, say former Fishlab devs". Eurogamer. Retrieved 22 June 2024.
- ^ "Embracer Group full-year sales rise to $3.9bn, but $1.5bn debt remains". 23 May 2024.
- ^ Romano, Sal (22 April 2024). "Embracer Group to transform into three separate companies – Asmodee Group, Coffee Stain & Friends, and Middle-earth Enterprises & Friends". Gematsu. Archived from the original on 22 April 2024. Retrieved 22 April 2024.
- ^ Scullion, Chris (22 April 2024). "Embracer Group announces plans to split into three separate companies". Video Games Chronicle. Retrieved 23 April 2024.
- ^ Batchelor, James (22 April 2024). "Embracer Group splits into three: Everything you need to know". GamesIndustry.biz. Retrieved 23 April 2024.
- ^ Robinson, Andy (20 May 2024). "Nintendo agrees deal to buy Hogwarts Legacy, Mortal Kombat Switch studio". Video Games Chronicle. Retrieved 20 May 2024.
- ^ "Notice of the Acquisition of Shiver Entertainment, Inc" (PDF). Nintendo Co., Ltd. 21 May 2024.
- ^ Dinsdale, Ryan (17 June 2024). "Embracer Shuts Down Alone in the Dark Developer Pieces Interactive". IGN. Retrieved 17 June 2024.
- ^ Blake, Vikki (8 July 2024). "Embracer-owned studio Piranha Bytes has been shut down". GamesIndustry.biz. Retrieved 9 July 2024.
- ^ "Embracer Group Interim Report October – December 2023" (PDF). Embracer Group. 15 February 2024. Archived (PDF) from the original on 9 March 2024. Retrieved 14 March 2024.