Embracer Group AB (formerly Nordic Games Licensing AB and THQ Nordic AB) is a Swedish video game and media

holding company A holding company is a company whose primary business is holding a controlling interest in the Security (finance), securities of other companies. A holding company usually does not produce goods or services itself. Its purpose is to own Share ...

based in

Karlstad Karlstad (, ) is the 20th-largest city in Sweden, the seat of Karlstad Municipality, the capital of Värmland County, and the largest city in the province Värmland in Sweden. The city proper had 67,122 inhabitants in 2020 with 97,233 inhabitan ...

. The company comprises 8 operative groups: Amplifier Game Invest, CDE Entertainment,

Coffee Stain Studios Coffee Stain Studios AB is a Swedish video game developer based in Skövde. Founded in 2010 by nine University of Skövde students, the company is best known for ''Goat Simulator,'' which was released in April 2014, and ''Satisfactory'', releas ...

, Dark Horse Media,

Deca Games Deca Games, stylized as DECA, is a game publisher and developer of video games that is headquartered in Berlin, Germany. The company's primary focus is on acquiring and operating older free-to-play games as a service. They are the current owners ...

, Freemode,

Plaion Plaion GmbH (formerly Koch Media) is an Austrian media company headquartered in Höfen, Tyrol, with an additional office in Planegg, Germany. It was founded in 1994 by Franz Koch and Klemens Kundratitz. The company operates video game publishi ...

and

THQ Nordic THQ Nordic GmbH (formerly Nordic Games GmbH) is an Austrian video game publisher based in Vienna. Formed in 2011, it is a publishing subsidiary of Embracer Group. Originally named Nordic Games, as was the parent company, both companies were r ...

. Embracer Group was established as Nordic Games Licensing within Nordic Games Group in 2011. The latter had previously purchased assets from the bankrupt publisher JoWooD and established

Nordic Games GmbH THQ Nordic GmbH (formerly Nordic Games GmbH) is an Austrian video game publisher based in Vienna. Formed in 2011, it is a publishing subsidiary of Embracer Group. Originally named Nordic Games, as was the parent company, both companies were re ...

(a subsidiary of Nordic Games Licensing) to manage them. Nordic Games Licensing continued to purchase

intellectual property Intellectual property (IP) is a category of property that includes intangible creations of the human intellect. There are many types of intellectual property, and some countries recognize more than others. The best-known types are patents, co ...

from defunct publishers, notably several

THQ THQ Inc. was an American video game company based in Agoura Hills, California. It was founded in April 1990 by Jack Friedman, originally in Calabasas, and became a public company the following year through a reverse merger takeover. Initial ...

products in 2013, followed by the "THQ" trademark in 2014. In August 2016, Nordic Games Licensing and Nordic Games GmbH changed their names to THQ Nordic. The parent company became a

public company A public company is a company whose ownership is organized via shares of share capital, stock which are intended to be freely traded on a stock exchange or in over-the-counter (finance), over-the-counter markets. A public (publicly traded) co ...

in 2016 and changed its name to Embracer Group in 2019. Until 2023, Embracer Group rapidly grew through major acquisitions and investments. After a investment unexpectedly fell through, the company was more than in debt and began closing and selling multiple studios and while laying off people at others. On 22 April 2024, Embracer Group announced its intention to transform into three standalone publicly listed entities on Nasdaq Stockholm within the next two years: a board game segment under the Asmodee group, an indie games segment under Coffee Stain Group, and a segment to manage its library of licensed intellectual properties include that of Tolkien's

Middle Earth Middle or The Middle may refer to: * Centre (geometry), the point equally distant from the outer limits. Places * Middle (sheading), a subdivision of the Isle of Man * Middle Bay (disambiguation) * Middle Brook (disambiguation) * Middle Creek ...

under Fellowship Entertainment, all three entities will be under the new holding company Embracer AB.

History

The original Nordic Games (1990s–2004)

The Swedish

entrepreneur Entrepreneurship is the creation or extraction of economic value in ways that generally entail beyond the minimal amount of risk (assumed by a traditional business), and potentially involving values besides simply economic ones. An entreprene ...

Lars Wingefors started several sales businesses during his teenage years, including the second-hand

comic book A comic book, comic-magazine, or simply comic is a publication that consists of comics art in the form of sequential juxtaposed panel (comics), panels that represent individual scenes. Panels are often accompanied by descriptive prose and wri ...

seller LW Comics at age 13, which made close to annually. At age 16, Wingefors founded Nordic Games to sell used video games. In its first year, the company generated in revenue. With growing income throughout the 1990s, Nordic Games was turned into a retail chain and opened seven locations across Sweden. The company also acquired the store Spel- & Tele shopen in

Linköping Linköping ( , ) is a city in southern Sweden, with around 167,000 inhabitants as of 2024. It is the seat of Linköping Municipality and the capital of Östergötland County. Linköping is also the episcopal see of the Diocese of Linköping (Chu ...

that Pelle Lundborg had opened four years earlier. Towards the end of the 1990s, Nordic Games was suffering from a poor corporate structure. Although Wingefors was asked to either seek new partners or bring in

venture capital Venture capital (VC) is a form of private equity financing provided by firms or funds to start-up company, startup, early-stage, and emerging companies, that have been deemed to have high growth potential or that have demonstrated high growth in ...

, he opted to sell the company to Gameplay Stockholm, the Swedish subsidiary of Europe-wide retailer

Gameplay.com Game Retail Limited (doing business as GAME) is a British video game retailer, owned by Frasers Group since June 2019. The company's origins lie in the founding of the Rhino Group by Terry Norris and Bev Ripley in 1992. A number of mergers and ...

, in March 2000 for

stock Stocks (also capital stock, or sometimes interchangeably, shares) consist of all the Share (finance), shares by which ownership of a corporation or company is divided. A single share of the stock means fractional ownership of the corporatio ...

valued at . Under Gameplay.com, Nordic Games failed to generate much revenue. It tried to establish

mobile game A mobile game is a video game that is typically played on a mobile phone. The term also refers to all games that are played on any Mobile device, portable device, including from mobile phone (feature phone or smartphone), tablet computer, table ...

digital distribution Digital distribution, also referred to as content delivery, online distribution, or electronic software distribution, among others, is the delivery or distribution of information or materials through digital platforms. The distribution of digital ...

and

cable TV Cable television is a system of delivering television broadcast programming, programming to consumers via radio frequency (RF) signals transmitted through coaxial cables, or in more recent systems, light pulses through fibre-optic cables. This ...

box businesses, all of which did not gain traction. When the

dot-com bubble The dot-com bubble (or dot-com boom) was a stock market bubble that ballooned during the late-1990s and peaked on Friday, March 10, 2000. This period of market growth coincided with the widespread adoption of the World Wide Web and the Interne ...

burst, Gameplay.com faced financial issues, and Nordic Games was sold back to Wingefors in May 2001 for a symbolic sum of (at the time equivalent to ). Wingefors brought in venture capitalists and reformed the company to only sell newly released games, but the company faced strong competition and finally filed for

bankruptcy Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the deb ...

in 2004.

The new Nordic Games (2004–2011)

Wingefors invested the money he had left into a new

limited company In a limited company, the Legal liability, liability of members or subscribers of the company is limited to what they have invested or guaranteed to the company. Limited companies may be limited by Share (finance), shares or by guarantee. In a c ...

and, together with potential customers acting as investors, reformed Nordic Games under the name Game Outlet Europe. The new company saw success with purchasing unsold inventory from larger video game companies (such as

Electronic Arts Electronic Arts Inc. (EA) is an American video game company headquartered in Redwood City, California. Founded in May 1982 by former Apple Inc., Apple employee Trip Hawkins, the company was a pioneer of the early home computer game industry ...

), repackaging them on pallets in its

headquarters, and selling them on the international market and through other retail chains, including Jula,

Coop Coop or Co-op most often refer to: * Chicken coop or other animal enclosure * Cooperative or co-operative ("co-op"), an association co-operating for mutual social, economic or cultural benefit ** Consumer cooperative ** Food cooperative ** Housin ...

, and ICA. In December 2008, Nordic Games Publishing was established as the

video game publishing A video game publisher is a company that publishes video games that have been developed either internally by the publisher or externally by a video game developer. They often finance the development, sometimes by paying a video game developer ...

subsidiary of Game Outlet Europe. The subsidiary started out with seven people, including primary shareholder Wingefors, based in Karlstad, and

chief executive officer A chief executive officer (CEO), also known as a chief executive or managing director, is the top-ranking corporate officer charged with the management of an organization, usually a company or a nonprofit organization. CEOs find roles in variou ...

Lundborg, who had since moved to

Málaga Málaga (; ) is a Municipalities in Spain, municipality of Spain, capital of the Province of Málaga, in the Autonomous communities of Spain, autonomous community of Andalusia. With a population of 591,637 in 2024, it is the second-most populo ...

with his wife. Nik Blower in

London London is the Capital city, capital and List of urban areas in the United Kingdom, largest city of both England and the United Kingdom, with a population of in . London metropolitan area, Its wider metropolitan area is the largest in Wester ...

was added to the management team in February 2010. The idea behind Nordic Games Publishing was to invest in the development of games that would fill gaps in the video game market. Wingefors and Lundborg had noticed that the line-up of games for

Nintendo is a Japanese Multinational corporation, multinational video game company headquartered in Kyoto. It develops, publishes, and releases both video games and video game consoles. The history of Nintendo began when craftsman Fusajiro Yamauchi ...

platforms was lacking

karaoke is a type of interactive entertainment system usually offered in nightclubs and bars, where people sing along to pre-recorded accompaniment using a microphone. Its musical content is an instrumental rendition of a well-known popular song. I ...

games similar to '' SingStar'', which was exclusive to

PlayStation is a video gaming brand owned and produced by Sony Interactive Entertainment (SIE), a division of Japanese conglomerate Sony. Its flagship products consists of a series of home video game consoles produced under the brand; it also consists ...

consoles. Based on 100-page requirement documents from Nintendo, which included that the game's microphones should be produced by

Logitech Logitech International S.A. ( ) is a Swiss multinational manufacturer of computer peripherals and software. Headquartered in Lausanne, Switzerland, the company has offices throughout Europe, Asia, Oceania, and the Americas. It is a component of ...

, and four months of research at a karaoke bar in

Watford Watford () is a town and non-metropolitan district with Borough status in the United Kingdom, borough status in Hertfordshire, England, northwest of Central London, on the banks of the River Colne, Hertfordshire, River Colne. Initially a smal ...

, England, Nordic Games Publishing assembled a song list for a prospective game and started producing what would later become ''

We Sing ''We Sing'' is a 2009 music video game for Wii, re-released in 2016 for Xbox One and PlayStation 4. It was developed by French studio Le Cortex, produced by Wired Productions and published by THQ Nordic, Nordic Games. It is the first singing ga ...

''. Around this time, Nordic Games Publishing also released ''Dance Party Club Hits'', a dance game that came bundled with a dancing mat. In 2009, Nordic Games Publishing had a turnover of , of which 75% were accounted for by sales of ''We Sing''. For 2010, the company projected a turnover of , while at the same time, Lundborg was looking for new investors to make the company independent of Game Outlet Europe. By March 2011, Nordic Games Holding had been established as a

, with Game Outlet Europe and Nordic Games Publishing aligned as its subsidiaries.

Initial international expansion (2011–2018)

In June 2011, Nordic Games Holding acquired the assets of the insolvent publisher JoWooD and its subsidiaries. The acquired assets were transferred to

, a newly established subsidiary office in

Vienna Vienna ( ; ; ) is the capital city, capital, List of largest cities in Austria, most populous city, and one of Federal states of Austria, nine federal states of Austria. It is Austria's primate city, with just over two million inhabitants. ...

, Austria. Several former JoWooD employees were hired by Nordic Games GmbH to work on the backlog sales of former JoWooD properties, and Nordic Games Publishing was integrated into Nordic Games GmbH to facilitate publishing operations. Nordic Games Licensing AB, also established in 2011, became the holding company within Nordic Games Holding (later known as Nordic Games Group), as well as the parent company of Nordic Games GmbH. In April 2013, Nordic Games Licensing bought several assets of the bankrupt publisher

to be managed by Nordic Games GmbH. It obtained the "THQ"

trademark A trademark (also written trade mark or trade-mark) is a form of intellectual property that consists of a word, phrase, symbol, design, or a combination that identifies a Good (economics and accounting), product or Service (economics), service f ...

in June 2014, intending to use the name as a publishing label for its THQ properties. Subsequently, in August 2016, the company changed its name to THQ Nordic, while Nordic Games GmbH became THQ Nordic GmbH. According to Wingefors and THQ Nordic GmbH's Reinhard Pollice, the name change was undergone to capitalise on the good reputation of THQ's past, although they avoided naming the companies just "THQ" to avoid connections to the bankrupt publisher's more recent troubled history. THQ Nordic undertook its

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investm ...

on 22 November 2016 and became a

listed on the

Nasdaq First North Nasdaq First North Growth Market is a division of Nasdaq Nordic and an alternative stock exchange (legally a multilateral trading facility) for smaller companies in Europe. The market place Nya Marknaden in Stockholm changed name to First North in ...

stock exchange, being valuated at , while Wingefors retained a 50% ownership in the company. In February 2018, THQ Nordic acquired the Austrian multimedia company

Koch Media Plaion GmbH (formerly Koch Media) is an Austrian media company headquartered in Höfen, Tyrol, with an additional office in Planegg, Germany. It was founded in 1994 by Franz Koch and Klemens Kundratitz. The company operates video game publishi ...

, which operated the

Deep Silver Deep Silver is an Austrian video game publisher and a division of Plaion. History Deep Silver was announced in November 2002, with their first release to be '' Anarchy Online: The Notum Wars''. According to Craig McNichol, who ran Koch Medi ...

video game label, for . Koch Media was set to operate independently under THQ Nordic, separate from THQ Nordic GmbH. To better reflect its holding function and to avoid confusion between THQ Nordic and its Viennese office, THQ Nordic stated that it planned to rename itself in the future. In June 2018, the company issued 7.7 million new

Class B share In finance, a Class B share or Class C share is a designation for a share class of a common stock, common or preferred stock that typically has strengthened voting rights or other Entitlement (fair division), benefits compared to a Class A share t ...

s to raise for future acquisitions. The company bought the Coffee Stain group, including houses developer

, for in cash. Coffee Stain became THQ Nordic's "third leg", operating independently like Koch Media. Through the two acquisitions and continued sales from THQ Nordic GmbH, THQ Nordic's net sales rose by 713%, to , in its 2018

fiscal year A fiscal year (also known as a financial year, or sometimes budget year) is used in government accounting, which varies between countries, and for budget purposes. It is also used for financial reporting by businesses and other organizations. La ...

. In December 2018, ''

GamesIndustry.biz Gamer Network Limited (formerly Eurogamer Network Limited) is a British digital media company based in London. Founded in 1999 by Rupert and Nick Loman, it owns brands—primarily editorial websites—relating to video game journalism and ot ...

'' named Wingefors as one of their People of the Year.

Rebranding as Embracer Group and rapid growth (2019–2022)

In February 2019, THQ Nordic issued 11 million new Class B shares and raised . At the end of its first

fiscal quarter A fiscal year (also known as a financial year, or sometimes budget year) is used in government accounting, which varies between countries, and for budget purposes. It is also used for financial reporting by businesses and other organizations. La ...

of 2019, THQ Nordic bought Game Outlet Europe for from Nordic Games Group, which was still majority-owned by Wingefors. THQ Nordic then bought the investment arm of Goodbye Kansas, Goodbye Kansas Game Invest (GKGI), and its investments in five startup developers—Palindrome Interactive, Fall Damage, Neon Giant, Kavalri Games and Framebunker—for . GKGI was later rebranded Amplifier Game Invest to reflect its new ownership. To avoid further confusion with THQ Nordic GmbH and clarify its position as a holding company, THQ Nordic assumed the name "Embracer Group" at its

annual general meeting An annual general meeting (AGM, also known as the annual meeting) is a meeting of the general membership of an organization. These organizations include membership associations and companies with shareholders. These meetings may be required ...

on 17 September 2019, while the branch in Vienna retained its name. In the following months, Embracer made several acquisitions and openings: Amplifier Game Invest bought

Tarsier Studios Tarsier Studios is a Swedish video game developer based in Malmö. The studio was most known for creating the '' Little Nightmares'' series in collaboration with publisher Bandai Namco Entertainment. It is currently working on '' Reanimal''. H ...

for . in December 2019 and opened River End Games and C77 Entertainment in January 2020. Embracer Group acquired

Saber Interactive Saber Interactive Inc. is an American video game developer and publisher based in Fort Lauderdale, Florida. Founded by Andrey Iones, Matthew Karch, and Anton Krupkin in 2001, it is controlled by Karch's investment company Beacon Interactive, cr ...

and its five satellite studios in February 2020 for a to establish its fifth operative group. The holding raised in April 2020 for future expansion and bought

as its sixth operative group for in August 2020. In the same month, the Embracer Group announced the acquisitions of Palindrome Interactive, Rare Earth Games and Vermila Studios under Amplifier Game Invest,

4A Games 4A Games Limited is a Ukrainian-Maltese video game developer based in Sliema, Malta. The company was founded in Kyiv, Ukraine, in 2006 by three developers who departed from GSC Game World. In 2014, 4A Games moved its headquarters to Sliema, wher ...

and

New World Interactive New World Interactive LLC (NWI) is an American video game developer founded by Andrew Spearin and Jeremy Blum in 2010. The company developed the Multiplayer video game, multiplayer tactical shooter games ''Insurgency (video game), Insurgency'' ( ...

under Saber Interactive, Pow Wow Entertainment under THQ Nordic, and Sola Media under Koch Media's film division. By November, the company had also purchased 34BigThings, Mad Head Games,

Nimble Giant Entertainment Nimble Giant Entertainment, SA (formerly known as NGD Studios) is an Argentina, Argentine video game developer located in Buenos Aires, Argentina. The studio was acquired by Saber Interactive in 2020. History They started as a three group fusio ...

, Sandbox Strategies,

Snapshot Games Snapshot Games is a Bulgarian video game developer headquartered in Sofia. Snapshot Games was founded in 2013 by Julian Gollop and David Kaye. Gollop is recognized for creating the ''X-COM'' video game franchise in the 1990s with ''X-COM: UFO Def ...

and

Zen Studios Zen Studios is a Hungarian video game developer and publisher of interactive entertainment software with headquarters in Budapest, Hungary and offices in the United States. It is known for its game franchises, ''Pinball FX'' and '' Zen Pinball'', ...

via Saber Interactive, A Thinking Ape Entertainment and IUGO Mobile Entertainment via Deca Games,

Flying Wild Hog Flying Wild Hog Sp. z o.o. is a Polish video game developer based in Warsaw and founded in 2009. The company is best known for the 2013 reboot of '' Shadow Warrior'', and its 2016 sequel, '' Shadow Warrior 2''. History Flying Wild Hog was e ...

via Koch Media, Purple Lamp Studios via THQ Nordic, Silent Games via Amplifier Game Invest, as well as Quantic Lab directly. According to Klemens Kreuzer, the chief executive officer of THQ Nordic, the large number of acquisitions represented a

portfolio diversification In finance, diversification is the process of allocating capital in a way that reduces the exposure to any one particular asset or risk. A common path towards diversification is to reduce risk or volatility by investing in a variety of assets. ...

that contrasted the reliance of larger publishers like Electronic Arts on a few keystone titles. Embracer Group announced three major acquisitions in February 2021: Gearbox Entertainment (including

Gearbox Software Gearbox Software, L.L.C is an American video game developer, video game development company based in Frisco, Texas. It was established as a limited liability company in February 1999 by five developers formerly of Rebel Boat Rocker. Randy Pitch ...

) for and Easybrain for as the seventh and eighth operative groups, as well as

Aspyr Aspyr Media, Inc. (pronounced " aspire") is an American video game developer and publisher founded by Michael Rogers and Ted Staloch in Austin, Texas. Originally founded to port gaming titles to macOS, the company, since 2005, has become a publi ...

(under Saber Interactive) for . These acquisitions were completed by April 2021. Embracer Group began issuing additional stock in March 2021 and raised another to further its acquisition strategies. That year, the company also bought

3D Realms 3D Realms Entertainment ApS is a video game publisher based in Aalborg, Denmark. Scott Miller founded the company in his parents' home in Garland, Texas, in 1987 as Apogee Software Productions to release his game '' Kingdom of Kroz''. In the ...

, Demiurge Studios, Fractured Byte, Slipgate Ironworks and SmartPhone Labs through Saber Interactive, Appeal Studios, Kaiko and Massive Miniteam through THQ Nordic, Frame Break through Amplifier Game Invest, CrazyLabs through Deca Games,

Ghost Ship Games Ghost Ship Games ApS is a Danish video game developer and publisher based in Copenhagen. Founded in 2016, it is best known for developing ''Deep Rock Galactic''. History Ghost Ship Games was founded in the spring of 2016 by a team of five fo ...

and Easy Trigger Games through Coffee Stain,

DigixArt DigixArt Entertainment SAS is a video game development company based in Montpellier, France. Founded in 2015 by Yoan Fanise, the director of '' Valiant Hearts: The Great War'', the company is most known for developing '' 11-11: Memories Retold'' ...

through Koch Media, as well as Grimfrost directly.

Asmodee Asmodee (formerly known as Asmodée Editions) is a French publisher of board games, card games and role-playing games (RPGs). Founded in 1995 to develop their own games and to publish and distribute for other smaller game developers, they have si ...

, which principally distributed board games, became Embracer Group's ninth operative group for in December 2021. In the same month, Embracer Group announced its tenth operative group with the acquisition of Dark Horse Media, the parent company of

Dark Horse Comics Dark Horse Comics is an American comic book, graphic novel, manga and Artist's book, art book publisher founded in Milwaukie, Oregon, by Mike Richardson in 1986. The company was created using funds earned from Richardson's chain of Portland, O ...

and

Dark Horse Entertainment Dark Horse Entertainment is a motion picture and television production arm of American comic book publishing company Dark Horse Comics, founded in 1992. They also have a sub-label, Dark Horse Indie. They have their headquarters in Milwaukie, Ore ...

, and Gearbox Entertainment purchased

Perfect World Entertainment Arc Games Inc. (formerly known as Perfect World Entertainment and Gearbox Publishing San Francisco), is an American video game publisher. Founded in 2008 as the North American branch of the Chinese company Perfect World, they currently operate ...

, including

Cryptic Studios Cryptic Studios is an American video game developer specializing in MMORPG, massively multiplayer online role-playing games. It is headquartered in Los Gatos, California, and was a wholly owned Perfect World (company), Perfect World subsidiary, a ...

, for . In May 2022,

Square Enix is a Japanese Multinational corporation, multinational holding company, video game publisher and entertainment conglomerate. It releases role-playing video game, role-playing game franchises, such as ''Final Fantasy'', ''Dragon Quest'', and '' ...

and Embracer Group entered into an agreement for the latter to purchase

Crystal Dynamics Crystal Dynamics, Inc. is an American video game developer based in San Mateo, California. The studio is best known for its games in the ''Tomb Raider'', '' Legacy of Kain'', and '' Gex'' series. Madeline Canepa, Judy Lange, and Dave Morse ...

Eidos-Montréal Eidos Interactive Corporation (trade name: Eidos-Montréal) is a Canadian video game developer based in Montreal and part of Embracer Group. The studio was founded by Stéphane D'Astous in 2007 under SCi Entertainment. It became part of Squar ...

, and

Square Enix Montreal Square Enix Montréal was a Canadian video game developer based in Montreal. It created the ''Go'' series of turn-based puzzle games for mobile devices based on former Eidos Interactive intellectual properties. Square Enix Montréal was found ...

, alongside

intellectual properties Intellectual property (IP) is a category of property that includes intangible creations of the human intellect. There are many types of intellectual property, and some countries recognize more than others. The best-known types are patents, co ...

like ''

Tomb Raider ''Tomb Raider'', known as ''Lara Croft: Tomb Raider'' from 2001 to 2008, is a media franchise that originated with an Action-adventure game, action-adventure video game series created by British video game developer Core Design. The franchise i ...

,'' ''

Deus Ex ''Deus Ex'' is a series of cyberpunk role-playing video games, set during the mid 21st century. Focusing on the conflict between secretive factions who wish to control the world by proxy, and the effects of transhumanistic attitudes and technol ...

,'' ''

Thief Theft (, cognate to ) is the act of taking another person's property or services without that person's permission or consent with the intent to deprive the rightful owner of it. The word ''theft'' is also used as a synonym or informal short ...

,'' and ''

Legacy of Kain ''Legacy of Kain'' is a series of dark fantasy action-adventure video games primarily developed by Crystal Dynamics and formerly published by Eidos Interactive. The first title, '' Blood Omen: Legacy of Kain'', was created by Silicon Knights in ...

'', for . The acquisition was closed by August 2022 and the assets transferred to CDE Entertainment. Square Enix Montréal was briefly rebranded as Onoma but closed in November 2022 in a

cost reduction Cost reduction is the process used by organisations aiming to reduce their costs and increase their profits, or to accommodate reduced income. Depending on a company’s services or products, the strategies can vary. Every decision in the produ ...

measure. Additionally, Embracer Group created the Embracer Group Archive

video game preservation Video game preservation is a form of preservation applied to the video game industry that includes, but is not limited to, digital preservation. Such preservation efforts include archiving development source code and art assets, digital copies of ...

effort in May and established its eleventh operative group, Freemode, from C77 Entertainment, Game Outlet Europe, Grimfrost, Quantic Lab, and the newly purchased Bitwave Games, Clear River Games, Gioteck, and Tatsujin. The latter was subsequently expanded with the acquisitions of

Limited Run Games Limited Run Games, Inc. is an American video game distributor based in Apex, North Carolina. The company produces and sells limited quantities of physical video game copies via its website and select retail stores. Josh Fairhurst and Douglas B ...

, Singtrix, and

Middle-earth Enterprises Middle-earth Enterprises, formerly known as Tolkien Enterprises, is a subdivision of the Embracer Freemode division of Embracer Group and formerly a trade name for a division of The Saul Zaentz Company. The subdivision owns the worldwide exclus ...

, which owns the media rights for ''

The Lord of the Rings ''The Lord of the Rings'' is an Epic (genre), epic high fantasy novel written by English author and scholar J. R. R. Tolkien. Set in Middle-earth, the story began as a sequel to Tolkien's 1937 children's book ''The Hobbit'' but eventually d ...

'' and ''

The Hobbit ''The Hobbit, or There and Back Again'' is a children's fantasy novel by the English author J. R. R. Tolkien. It was published in 1937 to wide critical acclaim, being nominated for the Carnegie Medal and awarded a prize from the ...

''.

Debt and restructuring (2022–present)

Savvy Gaming Group (later

Savvy Games Group Savvy Games Group is a video game investment, development, publishing and Esports company based in Riyadh, Saudi Arabia. The company was founded by the Public Investment Fund of Saudi Arabia, a sovereign wealth fund, to foster the growth of the ...

), a company wholly owned by Saudi Arabia's

Public Investment Fund The Public Investment Fund (PIF; ) is the sovereign wealth fund of Saudi Arabia. It is among the largest sovereign wealth funds in the world with total estimated assets of billion. It was created in 1971 for the purpose of investing funds on be ...

, invested about into Embracer Group in June 2022, gaining an 8.1% stake. Embracer Group transitioned from Nasdaq First North to

Nasdaq Stockholm Nasdaq Stockholm, formerly known as the Stockholm Stock Exchange (), is a stock exchange located in Frihamnen, Stockholm, Sweden. Founded in 1863, it has become the primary securities exchange of the Nordic countries. As of March 2021, a total ...

on 22 December 2022. In May 2023, the company announced that a investment deal, which had been verbally agreed on in October 2022, had unexpectedly failed to materialise as the investing partner walked away from the deal after protracted negotiations. Shortly following the announcement, the company's shares fell by 40%. According to ''

Axios Axios commonly refers to: * Axios (river), a river that runs through Greece and North Macedonia * ''Axios'' (website), an American news and information website Axios may also refer to: Brands and enterprises * Axios, a brand of suspension produ ...

'', this partner was Savvy Games Group. Matt Karch, the CEO of Saber Interactive, said that the $2 billion deal had initially began for additional funds from investment towards new games in the ''

Turok Turok () is a fictional character who first appeared in American comic books published by Western Publishing through licensee Dell Comics. He first appeared in ''Four Color Comics'' #596 (October/November 1954). After a second ''Four Color'' app ...

'' and ''

Jurassic Park ''Jurassic Park'', later referred to as ''Jurassic World'', is an American science fiction media franchise created by Michael Crichton, centered on a disastrous attempt to create a theme park of De-extinction#Cloning, cloned dinosaurs. It bega ...

'' series, but more options were added in to cover development efforts across the Embracer group, and that the deal had become too large as a single monolithic approach for the Savvy Gaming Group, leading to the deal falling through. Embracer Group consequently announced in June 2023 that it would immediately begin implementing a large-scale restructuring programme focused on cost reduction, comprising layoffs, studio closures and divestments, and project cancellations until March 2024. The company closed the Gearbox studios Volition in August and

Free Radical Design Free Radical Design Ltd. was a British video game developer based in Nottingham. Founded by David Doak, Steve Ellis, Karl Hilton and Graeme Norgate in Stoke-on-Trent in April 1999, it is best known for its ''TimeSplitters'' series of games. ...

in December. Other studios were subject to layoffs, including the THQ Nordic studio Campfire Cabal, which was effectively shut down according to Bruno-Christian Belibou. By November 2023, Embracer Group had laid off 904 employees, roughly 5% of its workforce, and cancelled at least fifteen projects. As such, the company had reduced its debt from to , though warned that further layoffs and studio closures were likely. In February 2024, it was reported that Embracer Group was finalising the sales of Saber Interactive and Gearbox Entertainment. The sale of Saber Interactive was announced in March 2024. Beacon Interactive, a company owned by Saber Interactive's co-founder Matthew Karch, bought Saber Interactive for alongside its satellite studios and the subsidiaries 3D Realms, Bytex,

Digic Pictures DIGIC Pictures is a Hungarian 3D animation Computer animation is the process used for digitally generating moving images. The more general term computer-generated imagery (CGI) encompasses both still images and moving images, while compute ...

, Fractured Byte, Mad Head Games, New World Interactive, Nimble Giant Entertainment, Sandbox Strategies, Slipgate Ironworks, SmartPhone Labs, and Stuntworks. 34BigThings, 4A Games, Aspyr, Beamdog, Demiurge Studios, Shiver Entertainment, Snapshot Games,

Tripwire Interactive Tripwire Interactive LLC is an American video game developer and Video game publisher, publisher based in Roswell, Georgia. History Tripwire was co-founded by John Gibson and Alan Wilson with support by members of the international team that c ...

, Tuxedo Labs, and Zen Studios remained with Embracer Group, to be integrated with other operative groups, although Beacon Interactive received an option to acquire 4A Games and Zen Studios in the future, but this option was cancelled on September 13, 2024. The divestiture also comprised 2,950 employees (21% of Embracer Group's workforce), including all staff in Russia. According to

Jason Schreier Jason Schreier (born May 10, 1987) is an American journalist and author who primarily covers the video game industry. He worked as a news reporter for ''Kotaku'' from 2011 to 2020 and was recognized for several Investigative journalism, investig ...

of ''

Bloomberg News Bloomberg News (originally Bloomberg Business News) is an international news agency headquartered in New York City and a division of Bloomberg L.P. Content produced by Bloomberg News is disseminated through Bloomberg Terminals, Bloomberg T ...

'', Beacon Interactive plans to exercise its option for a combined purchase price of . In March 2024,

Take-Two Interactive Take-Two Interactive Software, Inc. is an American video game holding company based in New York City founded by Ryan Brant in September 1993. The company owns three major Imprint (trade name), publishing labels, Rockstar Games, Zynga and 2K ...

acquired Gearbox Entertainment, which was moved under the 2K label. After the sale closed, Gearbox Entertainment retained Gearbox Software, Gearbox Publishing, Gearbox Studio Montreal, Gearbox Studio Quebec, Gearbox Properties and the ''

Borderlands A borderland or borderlands are the geographical space or zone around a territorial border. Borderland or borderlands may refer to: Places * Borderland, West Virginia, an unincorporated community in Mingo County, West Virginia * Borderland (elec ...

'', ''

Homeworld ''Homeworld'' is a real-time strategy video game developed by Relic Entertainment and published by Sierra Studios on September 28, 1999, for Windows. Set in space, the science fiction game follows the Kushan exiles of the planet Kharak after t ...

'', ''

Risk of Rain ''Risk of Rain'' is a 2013 roguelike platform game developed by Hopoo Games. Initially made by a two-student team from the University of Washington using the GameMaker engine. The game was funded through Kickstarter before being released on Mic ...

'', '' Brothers in Arms'' and ''

Duke Nukem ''Duke Nukem'' is a video game series and media franchise created by the company Apogee Software Ltd. (now 3D Realms). The franchise follows the titular Duke Nukem as he battles against a military or extraterrestrial force. Originally a serie ...

'' franchises, while Embracer Group retained Gearbox Publishing San Francisco (including Gearbox Shanghai), which was renamed Arc Games;

; Lost Boys Interactive; and Captured Dimensions alongside several titles. Retained companies were integrated into other parts of Embracer Group. With the sale of Gearbox, Embracer CEO Lars Wingefors stated that the company restructuring was complete, and had no short term plans to restart mergers or acquisitions, instead focusing on "simply making better products and games" to improve cash flow. From June 2023 to May 2024, the structuring had led to the loss of 4532 employees, the closure of 44 studios, and cancellation of 80 in-development projects, including a new ''Deus Ex'', ''TimeSplitters'' and ''Red Faction'' games. Despite these steps, the company still faced $1.5 billion in debt. In April 2024, Embracer Group announced that it would split up into three separate publicly-traded companies on the Swedish stock market within the next two years. "Fellowship Entertainment" (under the working name "Middle-earth Enterprises & Friends"), the legal successor to Embracer Group, will be used for the commercial rights to J.R.R. Tolkien’s work ''

'' and ''

'', as well as intellectual properties '' Kingdom Come: Deliverance'', ''

Metro Metro may refer to: Geography * Metro City (Indonesia), a city in Indonesia * A metropolitan area, the populated region including and surrounding an urban center Public transport * Rapid transit, a passenger railway in an urban area with high ...

'', ''

Dead Island ''Dead Island'' is a 2011 action role-playing game developed by Techland and published by Deep Silver. Released for Linux, Microsoft Windows, OS X, PlayStation 3 and Xbox 360, the game is centered on the challenge of surviving a zombie-in ...

'', '' Killing Floor'', ''

Darksiders ''Darksiders'' is a hack and slash action-adventure video game franchise created by Vigil Games, now developed by Gunfire Games, which consists of some of the original members of Vigil. The series is set on a post-apocalyptic Earth, where ma ...

'', ''

Remnant Remnant or remnants may refer to: Religion * Remnant (Bible), a recurring theme in the Bible * Remnant (Seventh-day Adventist belief), the remnant theme in the Seventh-day Adventist Church * ''The Remnant'' (newspaper), a traditional Catholic n ...

'' and ''

'', amongst more than 300 other gaming IPs. "Fellowship Entertainment" will consist of companies such as

, CrazyLabs,

Dambuster Studios Deep Silver Dambuster Studios Ltd. is a British video game developer based in Nottingham, England and owned by Deep Silver, itself part of the Embracer Group-owned Plaion. The studio was founded on 30 July 2014, and was set up initially to take ...

, Dark Horse,

Gunfire Games Gunfire Games, LLC is an American video game developer based in Austin, Texas. The studio was founded by David Adams in July 2014, bringing with him the core team of Crytek USA just before that studio's closure. The company was acquired by THQ N ...

Milestone A milestone is a numbered marker placed on a route such as a road, railway, railway line, canal or border, boundary. They can indicate the distance to towns, cities, and other places or landmarks like Mileage sign, mileage signs; or they c ...

, Vertigo Games and

Warhorse Studios Warhorse Studios s.r.o. is a Czech video game developer based in Prague. Founded in July 2011 by Dan Vávra and Martin Klíma, the studio produced '' Kingdom Come: Deliverance'', which was released in February 2018. In February 2019, the compa ...

amongst more than 40 other companies. The Asmodee Group will be the publisher of board and card games from Asmodee and its studios, which came into effect in February 2025. "Coffee Stain Group" (under the working name "Coffee Stain & Friends") will consist of more than 250 passionate game developers and publishers, focused on community driven experiences. The group will include Coffee Stain, Ghost Ship and Tuxedo Labs as well as certain studios from Amplifier Game Invest, all based in Scandinavia. Wingefors will own all three companies under the new holding company Embracer AB and remain as the group CEO once the splits are complete. In May 2024,

announced their acquisition of Shiver Entertainment from Embracer, subject to closing conditions. In June 2024, Embracer closed ''Alone in the Dark'' (2024) developer Pieces Interactive following the game's disappointing performance. In July, it was reported that Piranha Bytes was quietly shuttered at the end of June. In November 2024, Embracer said that they had reduced their number of employees from 15,701 to 10,450. That same month, they announced that they would divest Easybrain to

Miniclip Miniclip is a Swiss mobile game publisher and former browser game website that was first launched on 30 March 2001. It was started by Robert Small and Tihan Presbie with a budget of £40,000. In 2008, Miniclip was valued at over £275 million. ...

for a consideration of $1.2 billion, with the transaction close on January 22, 2025. By the end of 2024, Embracer had reduced their number of employees to 7,873.

Subsidiaries

As of March 2025, Embracer Group employs 7,500 employees in over 30 countries across 75 studios in 8 operative groups. *

** Alkimia Interactive ** Appeal Studios ** Ashborne Games **

Black Forest Games Black Forest Games GmbH is a German video game developer based in Offenburg. The company was founded in July 2012 by a team of 40 staff members, including chief executive officer Andreas Speer, previously employed by Spellbound Entertainment, w ...

Bugbear Entertainment Bugbear Entertainment Oy is a Finnish video game developer based in Helsinki, founded by Janne Alanenpää in 2000. The company is best known for the '' FlatOut'' series and '' Wreckfest''. In November 2018, a majority stake of the company was ...

** Campfire Cabal ** Experiment 101 ** Gate21 ** Grimlore Games **

HandyGames www.handy-games.com GmbH (trade name: HandyGames) is a German video game developer and publisher based in Giebelstadt. In July 2018, the company was acquired by THQ Nordic. History The company was founded in 2000 by brothers Christopher and Mar ...

*** Massive Miniteam ** Kaiko ** Metricminds ** Nine Rocks Games **

Purple Lamp THQ Nordic GmbH (formerly Nordic Games GmbH) is an Austrian video game publisher based in Vienna. Formed in 2011, it is a publishing subsidiary of Embracer Group. Originally named Nordic Games, as was the parent company, both companies were re ...

***

Fishlabs Fishlabs GmbH (formerly Fishlabs Entertainment GmbH and Deep Silver Fishlabs) is a German video game developer based in Hamburg. Founded in 2004 by Michael Schade and Christian Lohr, the studio is best known for its ''Galaxy on Fire'' series. F ...

** Development Plus **

** Plaion Pictures ***

Anime Limited Anime Limited, also known as All the Anime, is a British anime distribution company based in Glasgow, Scotland. It releases anime for British, Irish, French and other European audiences. The company was established in 2012 by Andrew Partridge, ...

*** Sola Media ** Prime Matter ** Ravenscourt ** Splatter Connect ** Vertigo Games *** Vertigo Arcade *** Vertigo Publishing **** Vertigo Publishing Amsterdam *** Vertigo Studios ** Voxler **

* Coffee Stain ** Box Dragon **

*** Coffee Stain Gothenburg *** Coffee Stain Malmö *** Coffee Stain North ** Coffee Stain Publishing ** Easy Trigger Games **

*** Ghost Ship Publishing ** Iron Gate Studios (30%) ** Lavapotion ** Vaulted Sky Games (30%) * Amplifier Game Invest ** A Creative Endeavor ** DestinyBit ** Frame Break ** Framebunker (34%) ** Green Tile Digital ** Invisible Walls ** Kavalri Games ** Misc Games **

** A Thinking Ape Entertainment ** CrazyLabs *** Firescore Interactive **

* Dark Horse Media **

Things from Another World Things or The Things may refer to: Music * ''Things'' (album), by Uri Caine and Paolo Fresu, 2006 * "Things" (Bobby Darin song), 1962; covered by Ronnie Dove, 1975 * "Things", a song by Joe Walsh from '' There Goes the Neighborhood'', 1981 * "Thi ...

* Freemode ** Bitwave Games ** Captured Dimensions ** Clear River Games ** Game Outlet Europe ** Gioteck ** Grimfrost **

** Quantic Lab ** Singtrix ** Tatsujin * CDE Entertainment **

*** Crystal Northwest *** Crystal Southwest **

* Other studios ** 34BigThings **

** Arc Games **

*** Beamdog ** Demiurge Studios ** Lost Boys Interactive **

** Tuxedo Labs **

Divested subsidiaries

* Former Amplifier Game Invest Studios: **

Neon Giant Neon Giant AB is a Swedish video game developer headquartered in Uppsala, Sweden. It was founded by Tor Frick, Arcade Berg, Jonathan Heckley and Erik Gloersen in 2018. History Neon Giant was founded in April 2018 as an independent venture by ...

(28% stake acquired April 2018, sold to

Krafton Krafton Inc. () is a South Korean video game publisher and holding company based in Bundang District, Seongnam. It was created in November 2018 to serve as the parent company for Bluehole, founded by Chang Byung-gyu in Seoul in March 2007, and ...

in November 2022) ** Vermila Studios (acquired August 2020, divested in 2023) ** Goose Byte (founded December 2021, divested in August 2023) ** Fall Damage (acquired in 2019, sold to Fragbite Group in October 2023) ** River End Games (founded January 2020, divested in November 2023) ** Silent Games (acquired November 2020, divested in May 2024) ** C77 Entertainment (founded January 2020, divested in May 2024) ** Zapper Games (founded December 2021, divested in March 2025) ** Infinite Mana Games (founded August 2022, divested in April 2025) ** Studio Hermitage (founded January 2023, divested in April 2025) ** Palindrome Interactive (acquired August 2020, divested in April 2025) *

(acquired in February 2020, divested in March 2024) **Saber Armenia **Saber Belarus **Saber London **Saber Madrid ** Saber Porto **Saber St. Petersburg **Saber Sweden **

**Bytex **

**Fractured Byte ** Mad Head Games **

**Sandbox Strategies **SmartPhone Labs ** Slipgate Ironworks **Stuntworks *

Gearbox Entertainment Gearbox Software, L.L.C is an American video game development company based in Frisco, Texas. It was established as a limited liability company in February 1999 by five developers formerly of Rebel Boat Rocker. Randy Pitchford, one of the found ...

(acquired in 2021, sold to

in June 2024) **Gearbox Software **Gearbox Studio Montréal **Gearbox Studio Québec **Gearbox Studios **Gearbox Properties *

(acquired in December 2021, spun off in February 2025) ** Access+ ** Aconyte ** Atomic Mass Games ** Bezzerwizzer Studio ** Catan Studio **

Days of Wonder Days of Wonder is a board game publisher founded in 2002 and owned by Asmodee Group since 2014. Days of Wonder distributes its games to 25 countries. It specializes in German-style board games and has branched out to include some online games ...

** Edge Entertainment ** Exploding Kittens **

Fantasy Flight Games Fantasy Flight Games (FFG) is a game developer based in Roseville, Minnesota, United States, that creates and publishes role-playing game, role-playing, board game, board, card game, card, and dice game, dice games. As of 2014, it is a division of ...

** Gamegenic ** Libellud **

Lookout Games Lookout Games is a German board and card game publisher owned by Asmodee. The company published, among other games, the board game Agricola, which was honored with the ''Complex Game'' award by the German Game of the Year jury in 2008. History T ...

** Mixlore ** Plan B Games ** Plaid Hat Games ** Rebel Studio ** Repos Production ** Space Cow ** Space Cowboys ** The Green Board Game Co. ** Twin Sails Interactive ** Unexpected Games ** VR Group **

Z-Man Games Z-Man Games is an American board game company, incorporated in 1999. It was named after its founder, Zev Shlasinger. The company is known for their ''Pandemic'' series of board games, as well as being the sole publisher for the English editions o ...

** Zygomatic Games * Former

Studios: ** Foxglove Studios (founded in 2016, divested in 2019) **

Rainbow Studios Rainbow Studios is an American video game developer based in Phoenix, Arizona, best known for developing offroad racing games, such as '' Motocross Madness'' and the '' MX vs. ATV'' series. It was established by Earl Jarred in 1986 under the n ...

(reestablished January 2013, divested in March 2024) * Other Divested Studios: ** Shiver Entertainment (acquired by Saber Interactive in December 2021, retained when Saber was sold, then sold to

in May 2024) ** Easybrain (acquired in February 2021, sold to

in November 2024) ** SpringboardVR (acquired in February 2021, sold to SynthesisVR in February 2025)

Closed subsidiaries

* Former Amplifier Game Invest studios: ** Plucky Bytes (founded November 2020, closed in 2023) ** Rare Earth Games (acquired August 2020, closed in June 2024) * Former CDE Studios: **

Square Enix Montréal Square Enix Montréal was a Canadian video game developer based in Montreal. It created the ''Go'' series of turn-based puzzle games for mobile devices based on former Eidos Interactive intellectual properties. Square Enix Montréal was foun ...

(acquired August 2022, closed in November 2022) ** Eidos-Sherbrooke (acquired August 2022, closed in June 2024) * Former THQ Nordic Studios: ** Pieces Interactive (acquired by THQ Nordic in 2017, closed in June 2024) **

Piranha Bytes Piranha Bytes GmbH was a German video game developer based in Essen. It was best known for their ''Gothic (series), Gothic'' and ''Risen (series), Risen'' series of role-playing video games. Piranha Bytes was founded in Bochum in 1997 and bou ...

(acquired by THQ Nordic in 2019, closed in June 2024) ** Pow Wow Entertainment (acquired by THQ Nordic in August 2020, closed in June 2024) ** Mirage Game Studios (founded by THQ Nordic in January 2017, closed in April 2025) * Former Deep Silver studios: ** Volition (acquired by Deep Silver in January 2013, closed in August 2023) **

(reestablished by Deep Silver in May 2021, closed in December 2023) * Other Closed subsidiaries: ** Pearl Games (acquired by Asmodee in January 2015, closed in June 2024) ** IUGO Mobile Entertainment (acquired by Deca Games in November 2020, closed in March 2025)

Merged subsidiaries

*Gaya Entertainment (merged into Plaion) *KSM Film (merged into Plaion Pictures) *Spotfilm Networx (merged into Plaion Pictures) *18Point2 (merged into Plaion) *Jufeng Studio (merged into Deca Games)

References

External links

* {{Embracer Group 2016 initial public offerings Companies based in Värmland County Companies listed on Nasdaq Stockholm Holding companies established in 2011 Holding companies of Sweden Karlstad Swedish companies established in 2011 Video game companies established in 2011 Video game companies of Sweden