Embracer Group has released its financial results for the first quarter of its fiscal year, with net sales dropping 24% year-on-year to SEK 7.9 billion ($754 million).

There were also sales declines across its mobile, tabletop and entertainment divisions, but the company said these were in line with expectations due to a quieter release slate compared to the same quarter last year.

Most notably, PC and console games suffered a 34% decline due to comparisons with calendar Q2 2023, when Plaion released the best-selling Dead Island 2.

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Swedish video game and media holding company Embracer Group has just declared its financial report for the past fiscal year.

The post Embracer Group’s $3.9 billion full-year sales appeared first on WholesGame.

Embracer reportedly killed a Red Faction: Guerrilla sequel.

That's according to Rock Paper Shotgun, which reported this week that several former Fishlabs developers have confirmed that when Embracer killed off dozens of studios and projects after an investment deal collapsed, it also killed off a Red Faction sequel, too.

Described as a "safe sequel" "with a familiar emphasis on wrecking buildings", the development team was keen to develop original creator Volition's blueprint with "open-ended play experience" more in keeping with immersive sims, such as Arkane Austin's Dishonored. It's thought the game would have been set a century after the events of Guerrilla, featuring new and reimagined locations. As the female protagonist, players would have led an underground revolution, forging alliances and factions along the way.

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Embracer Group – which has reduced its headcount by 4532 employees in the past financial year – wants to harness AI to "empower" its staff, saying artificial intelligence "has the capability to massively enhance game development by increasing resource efficiency".

In its latest annual report, as spotted by PC Gamer, Embracer privacy and AI governance head Tomas Hedman stressed it would be a risk if the company didn't use AI, as it would put the firm at a "competitive disadvantage [with] other industry players".

"Certainly, one of the major risks for a company is not to use AI, as this would mean a competitive disadvantage vis-à-vis other industry players," Hedman said. "Most companies will move forward on AI integration in different ways. For us, it is the way that we do this that is the most critical element.

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A phoenix is a mythological firebird that is periodically reborn from its own ashes, a symbol of cyclical renewal. It's also, according to several former employees of Chorus developers Fishlabs in Hamburg, an internal title for the massive cost-cutting project begun by Swedish conglomerate Embracer Group in June 2023.

The current incarnation of a bewildering series of mergers, renamings and acquisitions that date back to the founding of Nordic Games in 2004, Embracer have spent much of the past decade buying up video game studios and licenses, from Deus Ex developers Eidos Montreal to the adaptation rights for The Lords Of The Rings. According to a February 2023 earnings report, by the end of December 2022 the conglomerate had 134 internal studios on the books (including table-top developers) and owned or controlled over 850 IPs, with 224 games in development. Our Graham warned of the perils of such consolidation in 2019, and his misgivings have been borne out. Following the reported collapse of a billion dollar Savvy Games investment deal, Embracer set out to recover their debts by cancelling projects, laying off staff and closing whole studios. Fishlabs - acquired by Embracer in 2018 alongside their parent company Koch Media, nowadays Plaion - were among those burned by "Project Phoenix", first losing a dozen people in September 2023, and then around half their remaining workforce in November. In the process of these reductions, Embracer also binned off two video game projects – a sumptuous sci-fi metroidvania that was in full development, and a "visual prototype" for a brand new Red Faction game.

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A phoenix is a mythological firebird that is periodically reborn from its own ashes, a symbol of cyclical renewal. It's also, according to several former employees of Chorus developers Fishlabs in Hamburg, an internal title for the massive cost-cutting project begun by Swedish conglomerate Embracer Group in June 2023.

The current incarnation of a bewildering series of mergers, renamings and acquisitions that date back to the founding of Nordic Games in 2004, Embracer have spent much of the past decade buying up video game studios and licenses, from Deus Ex developers Eidos Montreal to the adaptation rights for The Lords Of The Rings. According to a February 2023 earnings report, by the end of December 2022 the conglomerate had 134 internal studios on the books (including table-top developers) and owned or controlled over 850 IPs, with 224 games in development. Our Graham warned of the perils of such consolidation in 2019, and his misgivings have been borne out. Following the reported collapse of a billion dollar Savvy Games investment deal, Embracer set out to recover their debts by cancelling projects, laying off staff and closing whole studios. Fishlabs - acquired by Embracer in 2018 alongside their parent company Koch Media, nowadays Plaion - were among those burned by "Project Phoenix", first losing a dozen people in September 2023, and then around half their remaining workforce in November. In the process of these reductions, Embracer also binned off two video game projects – a sumptuous sci-fi metroidvania that was in full development, and a "visual prototype" for a brand new Red Faction game.

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After numerous studio closures and thousands of job losses, embattled publisher Embracer will now split into three distinct entities, including one focused on its big bet to successfully develop games set in the same world as The Lord of the Rings.

Embracer announced details of the plan this morning, and charted how parts of the company would now be named: Middle-earth Enterprises and Friends, Coffee Stain and Friends, and Asmodee Group. Each of the three will be separately listed on the Stockholm stock exchange.

Middle-earth Enterprises and Friends will encompass many of Embracer's biggest studios and brands, including developers such as Crystal Dynamics (Tomb Raider), Eidos Montreal (Guardians of the Galaxy), 4A Games (Metro), Plaion and Deep Silver Dambuster Studios (Dead Island 2), Warhorse (Kingdom Come Deliverance 2), plus Tripwire, Flying Wild Hog, Vertigo Games and Freemode.

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Famed mass-layoff-manufacturing corporation Embracer Group are dividing into three companies, which will be listed separately on Sweden’s stock exchange. Those companies are: Asmodee Group, which comprises Embracer’s tabletop games biz; Coffee Stain & Friends, an evolution of the existing Coffee Stain publisher, who will pursue "a dual focus on indie and A/AA premium and free-to-play games for PC/console and mobile"; and Middle-earth Enterprises & Friends, “a creative powerhouse in AAA game development and publishing for PC and console, as well as the stewards of The Lord of the Rings and Tomb Raider intellectual properties, among many others”.

After writing roughly 100,000 posts about Embracer’s butchering of vast swathes of the games industry, this is surely my chance to raise a cheer and celebrate the conglomerate’s unglomming with a cool glass of turnip juice, but it is Monday, the man next door is shouting again, and I am tired - so tired that only ill-suited Simpsons references come to mind.

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After a year of carnage following its unprecedented studio acquisition spree, Embracer Group going back to basics and doing what it does best: confusingly re-naming and re-arranging its portfolio. The Swedish holding company is splitting itself into three new entities. The one in charge of the Lord of the Rings IP and Tomb…

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Source

Footage showing Free Radical Design's sadly-cancelled TimeSplitters project has surfaced online, revealing five minutes of gameplay.

The video, posted to LinkedIn by a former Free Radical Design staff member, shows a version of the game from July 2023 - roughly five months before the project was cancelled and the studio shut down by parent company Embracer.

TimeSplitters fans will likely be excited (and upset, seeing as the project is now dead) to see numerous familiar elements return, including an expanded Siberia dam level, iconic weapons, fan-favourite characters and GoldenEye's classic health/shield UI.

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[audience makes "wohhhhh" controversial noise]

I know, I know! Some might argue that Human Revolution is the best Deus Ex game, but they're wrong, it's clearly Deus Ex: Mankind Divided. The last, new Deus Ex game to be made will be free to keep from the Epic Games Store for a week starting March 14th.

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A little while back, Embracer Group sadly shut down Timesplitter's studio Free Radical Design in a typical case of Embracer-led restructuring. After the closure, a former Free Radical developer revealed they'd worked on a "clone" of Fortnite before it transitioned to a remake of Timesplitters 2. And now footage has emerged of the cancelled project, which certainly does look like a team shooter reminiscent of Epic's epic.

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Bloomberg is reporting that Saber Interactive, the developers reportedly working on a remake of Star Wars: Knights of the Old Republic, is being sold by Embracer Group to a private investment group.

Embracer Group has been going through a massive restructuring that has seen hundreds of employees laid off and the shuttering of studios. This latest deal appears to be another part of that ongoing effort.

While the state of the Knights of the Old Republic remake is currently in question, Saber Interactive is slated to release a few games this year, including Warhammer 40000: Space Marine 2, Toxic Commando, and Expeditions: A Mudrunner Game. It’s currently not known how the sale will affect their current projects, which also include Jurassic Park: Survival. 

According to Bloomberg’s source, the deal is worth $500 million. Saber was part of Embracer’s big buying spree. They purchased the company back in 2020 at a reported price of $525 million, which means a bit of a loss. Furthermore, Bloomberg is reporting that the price also “includes an option for Saber to bring along multiple Embracer subsidiaries.” While this might just be referring to Saber’s branches in other countries, there are other studios listed under them, such as 3DRealms and Tripwire.

It’s possible that more of these sales will happen as Embracer continues its efforts to restructure. During their previous fiscal reports, the corporation has stated that they are in “the final stretch” of their restructuring, but it’s currently unknown what else is planned.

The post KOTOR remake developer Saber Interactive to leave Embracer Group appeared first on Destructoid.

Embracer bought Borderlands maker Gearbox Entertainment for $1.3 billion back in early 2021 amid an unprecedented acquisition spree that’s since turned into a financial disaster. Now, just three years later, Kotaku has learned that Gearbox is closer than ever to being sold out from under what is arguably the most…

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Within the last few years, video game industry layoffs have unfortunately become more commonplace. In 2023, we saw near-weekly layoffs across the entire industry. When the dust had settled, at least 6,000 jobs across publishers, developers, and other video game-related companies had been terminated. Sadly, it appears…

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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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Embracer Group are reportedly selling off Saber Interactive, the company behind the Star Wars: Knights Of The Old Republic remake and Warhammer 40,000: Space Marine 2 among many other things. Apparently, Saber are being flogged to a group of private investors for "up to" $500 million.

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Embracer has laid off 8 percent of its workforce as its restructuring programme reaches "mature stages".

The company released its latest financial report today, stating its net sales increased by 4 percent, though this is largely thanks to its Tabletop Games and Entertainment divisions. PC and console games net sales decreased by five percent.

In its third quarter, the company laid off 483 people, meaning 1387 employees have now lost their jobs in the last two quarters, representing 8 percent of the total workforce.

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Embracer has laid off 8 percent of its workforce as its restructuring programme reaches "mature stages".

The company released its latest financial report today, stating its net sales increased by 4 percent, though this is largely thanks to its Tabletop Games and Entertainment divisions. PC and console games net sales decreased by five percent.

In its third quarter, the company laid off 483 people, meaning 1387 employees have now lost their jobs in the last two quarters, representing 8 percent of the total workforce.

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One of the biggest complaints about last year’s Game Awards was that the show did not let winners talk. Even when folks from Larian Studios got on the stage to accept the Game of the Year award for Baldur’s Gate 3, they were told to “wrap it up” and weren’t even able to make the announcement that the game was out on…

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Embracer Group, the proverbial grim reaper of video game acquisitions, has been wreaking havoc on the studios and IP it has acquired in the past few years. From layoffs across several companies to shutting down of beloved studios like Saints Row developer Volition, and cancellations of big, exciting projects like a…

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Embracer have released their interim financial results for Q3, October-December 2023, in which they share details of the conglomerate's on-going efforts to "restructure" and reduce their massive debts, to the tune of hundreds of layoffs over the past year.

Amid the talk of revenues, profits and losses, we learn that Embracer have laid off 8% of their global workforce since announcing their restructuring program in June 2023. According to the report, Embracer's total headcount has fallen from 16,243 in the period October-December 2022 to 15,218 in the period October-December 2023. The number of Embracer studio game projects in development, meanwhile, has fallen from 224 to 179.

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