We've written a lot about Embracer Group, one of the largest gaming conglomerates that has been closing, selling, and laying off studios for six months. Given its duration and results, it's arguably the biggest soap opera of the year (although it won't outdo Microsoft and Activision).
After the sale of Saber Interactive (to a new company founded by Saber CEO Matthew Karch) and gearbox software (to Take-Two)), Embracer Group held a conference call with investors and confirmed the end of its much-anticipated restructuring program.
As you may remember, it all started when… 'Innovative' licensing deal worth $2 billion (Apparently they are affiliated with Savvy Games Group) failed at the last momentcausing a collapse in Embracer Group's stock price and forcing the company to undergo a restructuring program that led to the closure of several studios, large-scale layoffs, and the sale mentioned.
Studio sales have ended…for the time being
In a meeting with investors shortly after announcing the Gearbox acquisition, the CEO said: Lars Wingefors announced the end of the restructuring program and said there would be no further sales of company assets.
“We are currently exiting a restructuring program at the end of March and the Gearbox restructuring process is part of that program. “No, but we are approached on a weekly basis. And they have made it clear that it is not for sale because they are a very important part of the group and the group's shareholders for the future.” Lars Wingefors explained.
That doesn't mean Embracer will resume its old habit of acquiring companies. Wingefors said it was too early to talk about that: “I think it's too early to start talking about reigniting the engine of mergers and acquisitions.”
After laying off thousands of employees and canceling games that were scheduled for release., Thank goodness they're not bragging about buying a new studio now. Out of respect for those who were fired.
Journalist specializing in technology, entertainment, and video games. Writing about things you're passionate about (gadgets, games, movies) keeps you sane and allows you to wake up with a smile on your face when your alarm goes off. PS: This he is not 100% true.
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