Embracer sell off more assets with Gearbox being acquired by Take-Two for $460m
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Take-Two is acquiring Gearbox Interactive from Embracer Group for a cool $460m.
It has long been suspected thatEmbracer was looking to sell Gearbox, withReuters reportingon it back in September 2023. Now, however, the deal is done - with a few caveats and specifics when it comes to particular assets.
Franchises moving to Take-Two includeBorderlands,Tiny Tina’s Wonderlands,Homeworld, andDuke Nukem. As well as franchises and series, the studio assets moving to Take-Two are Gearbox Montreal and Gearbox Studio Quebec as well as Gearbox Software. These assets will be absorbed into Take-Two’s 2K division, and Randy Pitchford, founder and CEO of Gearbox, will continue to lead theBorderlandsdeveloper.
Putting a statementout on Gearbox’s X(formerly known as Twitter) account, Pitchford said that “Joining forces with Take-Two Interactive/2K will help Gearbox ascend to our next level.
“Take-Two and 2K have demonstrated repeatedly their commitment to our engine of generating creativity, happiness and profit”.
This ‘repeated demonstration’ is closely related to the fact that 2K have published entries into theBorderlandsseries includingBorderlands 3and 2022’sTiny Tina’s Wonderland. You can see Pitchford’s full statement below in the embedded tweet.
We’re incredibly proud to announce we’re joining the Take-Two Interactive/@2K family. pic.twitter.com/ot1gJK4TUpMarch 28, 2024
At the other end of the acquisition, Take-Two CEO Strauss Zelnick said “Our acquisition of Gearbox is an exciting moment for Take-Two and will strengthen our industry-leading creative talent and portfolio of owned intellectual property”.
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From Embracer’s point of view, CEO Lars Wingefors said the transaction “lowers business risk and improves profitability as we transition to becoming a leaner and more focused company.”
Embracer initially acquired Gearbox for $363m back in 2021. However, in recent months Embracer Group has embarked on a selling spree of its assets aspart of a “restructuring program”. What’s followed has been multiple layoffs at studios likeLost Boys Interactive,Slipgate Ironworks, andNew World Interactive, while Embracer alsosold off Saber Interactive assetsen masse earlier this month.
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Rob is the Managing Editor of TechRadar Gaming, a video games journalist, critic, editor, and writer, and has years of experience gained from multiple publications. Prior to being TechRadar Gaming’s Managing Editor, he was TRG’s Deputy Editor, and a longstanding member of GamesRadar+, being the Commissioning Editor for Hardware there for years, while also squeezing in a short stint as Gaming Editor at WePC just before joining TechRadar Gaming. He is also a writer on tech, gaming hardware, and video games but also gardens and landscapes, combining the two areas in an upcomingbook on video game landscapesthat you can back and pre-order now.
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