Frisco-based video game studio Gearbox Entertainment Co., best known for the first-person shooter game Borderlands, is being acquired by New York entertainment company Take-Two Interactive Software, Inc. for $460 million. .
US video game publisher Take-Two will acquire a studio from Sweden-based Embracer Group to strengthen its portfolio. The “Grand Theft Auto” franchise owner will be responsible for Gearbox's “Tiny Tina's Wonderlands” franchise, “Homeworld,” “Risk of Rain,” and other games in the studio's pipeline, according to a press release. That's what it means.
The Dallas-Fort Worth video game company's latest acquisition came at a steep discount from its previous acquisition. Embracer's 2021 contract valued Gearbox at more than $1 billion.
The Swedish company has spent the past few years acquiring studios around the world, but will begin a restructuring period in 2023 after a $2 billion deal with a Saudi gaming group fell through, according to Bloomberg. It is said that he did.
Under the terms of the deal, Gearbox will operate as a studio within Take-Two's 2k subsidiary, with Gearbox founder and CEO Randy Pitchford remaining at the helm.
The sale will help take the studio to the next level, Pitchford said.
“We worked together at arm's length as partners to achieve remarkable results with a game that set the standard for interactive entertainment and set ground-breaking records,” Pitchford said in a statement. “I am very excited about what we can accomplish now that we are fully united.”
Gearbox operates studios in Frisco, Montreal, and Quebec City, Canada.
“With a nearly 20-year history of collaboration, Gearbox has played an integral role in our success with its unique ability to create interactive entertainment experiences featuring beloved characters, exciting new worlds, and humorous storytelling. ,” said David Ismailer, president of 2K. .
