Take-Two Purchases Gearbox Entertainment From Embracer For $460 Million
Embracer Group has divested Gearbox Entertainment from its stable of video game studios, with Take-Two Interactive purchasing the company for $460 million. This sale is part of Embracer’s massive, ongoing restructuring designed to cut costs after a planned $2 billion deal with Saudi Arabia-backed Savvy Games Group fell through in 2023. This move means Embracer no longer owns Gearbox’s development entities, such as Gearbox Software, Gearbox Montreal, and Gearbox Studio Quebec, nor franchises such as Borderlands/Tiny Tina’s Wonderlands, Homeworld, Risk of Rain, Brothers in Arms, and Duke Nukem. These assets will be acquired by Take-Two, which owns Rockstar Games and 2K, among other labels. Closing of the transaction is expected to take place in fiscal year Q1 2024/25, pending customary regulatory approvals. In a press release from Take-Two, Gearbox confirms it has six titles in the works. Five are sequels, and...