Square Enix sells off some of its western IPs to Embracer Group for $300 million
Beloved intellectual properties you might associate with Square Enix will no longer have anything to do with the company. Square Enix is selling off a collection of its western-developed IPs and the studios behind those games to Embracer Group. According to industry analysts, Square had been looking to offload these studios and franchises, due to their underperformance in recent years. The sale includes properties such as Tomb Raider, Deus Ex, Thief, Legacy of Kain, and more, alongside developers Crystal Dynamics, Square Enix Montreal, and Eidos Montreal, spanning 1,100 employees across those three studios. This also means that Embracer Group acquires the new in-development Tomb Raider title being made in Unreal Engine 5.
The sale is set to finalize this September. Embracer Group currently owns over 100 other studios and publishers, including THQ Nordic, Koch Media, and Saber Interactive.
”Embracer is the best kept secret in gaming: a massive, decentralized collection of entrepreneurs whom we are thrilled to become a part of today. It is the perfect fit for our ambitions: make high-quality games, with great people, sustainably, and grow our existing franchises to their best versions ever. Embracer allows us to forge new partnerships across all media to maximize our franchises’ potential and live our dreams of making extraordinary entertainment,” says Phil Rogers, Square Enix America and Europe CEO.
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