Following reports last year that Embracer Group was considering selling Borderlands studio Gearbox as part of its ongoing "comprehensive restructuring programme", it's now being claimed a sale to a third party is in the "late stages" of being finalised.

That's according to Kotaku, which says Gearbox CEO and co-founder Randy Pitchford had previously told staff the studio was facing one of three possible scenarios: it would either stay with Embracer, be sold, or would finance a buyout and become independent once more. However, Pitchford reportedly shared an update with employees earlier this week, saying a decision had been made about Gearbox's future, with more to be revealed next month.

Kotaku says it understands Gearbox will sell to an unnamed buyer and that the sale is currently in the "late stages of being finalised". And while Embracer Group - which purchased Gearbox for $363m in 2021 - did not respond to Kotaku's requests for comment, Pitchford deflected the website's inquiries, saying, "We will be thrilled to share whenever we have projects to announce or news to share as we work hard towards our mission to entertain the world."

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It's looking increasingly likely that Gearbox Entertainment is going to be sold by Embracer. In a town hall with staff earlier this week, CEO and co-founder Randy Pitchford reportedly told staff that a decision had been made regarding the studio's future, with more details to be shared in March.

Embracer bought Gearbox for $1.3 billion (around £1.02 billion) in 2021, but it was reported that they were looking to sell last year as part of ongoing layoffs, closures and divestments.

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UPDATE 21/2/24: The first trailer for the Borderlands movie is now available, featuring Jack Black's voice as Claptrap and the expected amount of poo and pee jokes. Watch it below in full:

ORIGINAL STORY 20/2/24: Two new photos from the upcoming Borderlands film have been released.

The photos, shared by People, both feature the Academy Award-winning Cate Blanchett - with some very enviable red hair - as infamous outlaw Lilith.

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Two new photos from the upcoming Borderlands film have been released.

The photos, shared by People, both feature the Academy Award-winning Cate Blanchett - with some very enviable red hair - as infamous outlaw Lilith.

The first photo shows Lilith on her own, looking pretty close to her in-game character.

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