Saber Interactive, the developer of Warhammer 40K: Space Marine 2, has recently acquired a significant equity investment from two leading equity?? firms. The investment has allowed the developer to pay off its debt to holding company Embracer Group, pending an addit??ional amount in late 2024/early 2025.

Aleph Capital Partners and Crestview Partners made the investment in Saber Interactive. These are leading equity companies based in London and New York, respectively. The exact amount each company invested hasn't been disclosed, but it must be quite a lot for the developer to be able to pay off Embracer Group, which acquired it in 2020. With this new investment, Saber Interactive has more control over what it makes and how it makes it because it's outside of an umbrella company, which bodes well for its future, especially off the back of the success of Warhammer 40K: Space Marine 2.

Almost independent

It's so easy to get lost when trying to understand what this sort of news means, so I'll try to explain it without all the business jargon. First, it's important to note that Saber Interactive was acquired by Embracer Group back in February 2020. Saber Interact??ive was, of cou?rse, paid as part of this deal.

The period from 2020 to 2021 was immensely successful for video games in large part because of worldwide lockdowns during the COVID-19 pandemic. As those lockdowns lifted, people started going outside again and playing games for less time as a result. It's no secret that Embracer Group has been? laying staff off an??d closing entire studios since that time.

While Saber Interactive has several successful titles under its belt, including World War Z, SnowRunner, Expeditions: A MudRunner Game, and Insurgency: Sandstorm, it has felt like one wrong ??move could cause a studio to shut down.

That's why this investment in Saber Interactive is so exciting for the developer. Embracer Group explained in a press release how the studio has received an early payment for the sale of assets in ?the studio.

What's actually happened is that Aleph Capital Partners and Crestview Partners have acquired a chunk of equity in the developer in exchange for a large sum of money. Sab??er Interactive has used that money to pay off Embracer Group. This means that Saber Interactive now owns more of its own shares and is closer to being an independent studio than it has been for four years.

It's hard to believe that Saber has been in business for nearly a quarter of a century. While we have grown? to over 3,000 developers across the globe, we still feel like a startup with tremendous opportunity for rapid gr??owth.

Matthew Karch, CEO of Saber Interactive

However, as ??I mentioned, Aleph Capital Partners and Crestview Partners now own equity in Saber Interactive, which likely means they each own a percentage of the company's shares. Without going into the weeds on this, the result is that Jamie Rahamim, Managing Directo??r and Head of Media at Aleph, and Brian Cassidy, President and Head of Media at Crestview, now sit on Saber Interactive's Board of Directors.

They're not alone, though. Saber Interactive's Andrey Iones, Chief Operating Officer, and Matthew Karch, CEO, are also on the Board of Directors. While the number of shar?es each party owns, the investors and Saber Interactive, dictates who has the most power, equity companies likely won't be elbowing in on any development ?decisions Saber Interactive makes.

Aleph Capital Partners and Crestview Partners are interested in seeing their investment and the shares they own bear fruit. This will come in the form of dividends and share value increases as Saber Interactive's turnover and reputation as a developer ?grow.

Considering how popular Warhammer 40K: Space Marine 2 is already, and the plans the developer has for post-launch content, it's in a very safe position. However, these equity companies now have some level of influence, so if things take?? a turn in the future, Saber Interactive may be forced to make tough choices.

There's no denying?? that Saber Interactive is now in a much better position than it was when it was under Embracer Group. ??It has more control over how it operates and, from the sounds of things, shouldn't be forced into making layoffs or canceling games. Instead, it can forge its own path forward with the financial freedom afforded by these recent investments.

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Last month, Embracer Group CEO Lars Wingefors assured that the company's restructuring efforts, which saw it shut down multiple studios and lay off roughly 27% of its staff, had ended and had "created a stronger foundation for improved profitability, cash flows and long-term value creation." Yet as of today, Embracer has closed Pieces Interactive, the developer behind this year's Alone in the Dark remake.

Although there's been no announcement by Embracer itself, Pieces Interactive has confirmed its closure on its own website. The studio was founded in 2007 and, in its 17-year history, launched over 10 games. After working with THQ on the second expansion for action RPG Titan Quest, it was acquired by Embracer (THQ's parent company) in 2017. Under Embracer, it handled another Titan Quest expansion and then the aforementioned remake of the original Alone in the Dark from 1992, which launched this past March.

No reason has been given for Pieces Interactive's closure, but it should be noted that the Alone in the Dark remake was apparently not a big hit for Embracer. There are no exact sales figures but, in Embracer's report on its 2024 fiscal year, it said Alone in the Dark "saw a positive reception from users, but a mixed reception
from critics and ultimately performed below management expectations." Regardless, the shut down of Pieces Interactive is another contributor to the already dire number of games industry layoffs to have taken place this year.

Other studios to have been closed by Embracer in the past year or so include Saints Row developer Volition and Free Radical, which was in the process of making a new Timesplitters. Others, such as Eidos-Montréal, were impacted by layoffs, while Gearbox and Saber Interactive have been sold off. Despite the layoffs, Embracer intends to launch 70 projects (which includes DLC) by the end of March 2025. It will also be splitting itself into three separate companies, though none of them will keep th?e Embracer? Group name.

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In its financial report on its 2024 fiscal year, the Embracer Group has shared its intentions to put out over 70 projects across its PC, console, mobile, and tabletop gaming divisions within the 2025 fiscal year. This comes after restructuring efforts that began last June, which led to mass layoffs and some studios being sold off or? shut dow?n.

The report was published on the Embracer Group's website on May 23, which reveals that net sa??les were overall an improvement compared to the previous fiscal year, having increased by 12%. As for the 2025 fiscal year (which covers April 2024 to March 2025), Embracer says there is plenty of potential growth for its various gaming divisions, particularly for tabletop and mobile. Over 70 gaming related projects are expected to launch by the end of next March, which includes "three important unannounced titles."

Embracer obviously doesn't comment further on what those three are, but it does name two key releases it has scheduled: Kingdom Come: Deliverance 2 and Killing Floor 3. Both games will launch for consoles and PC though only the former has a launch window of 2024, so the latter may not release till early 2025. Embracer also believes these two games will perform similarly to 2023's Dead Island 2 (which sold over 2 million copies in its first month) and Remnant 2 (which sold ove?r 2 million copies in its first two months).

While there's optimism for the future, with Embracer planning to dedicate a lot of resources towards the many, many IPs it owns (particularly The Lord of the Rings), CEO Lars Wingefors does acknowledge the layoffs. Around this time last year, the company employed 16,601 people, but that number has dropped to 12,069.? That means 4,532 employees were let go in the past 12 months, which is a reduction of roughly 27%. "These were necessary but difficult decisions, and it has been important to carry out the changes with compassion, respect and integrity towards those affected," says Wingefors. He also says the restructuring efforts are now over, and have "created a stronger foundation for improved profitability, ca?sh flows and long-term value creation."

The games industry has a whole has been suffering from severe layoffs, but Embracer in particular has closed several of its studios, such as Free Radical. That one especially hurt since Embracer had helped in reforming it to revive Free Radical's Timesplitters series, only to close it before we even got to see what the studio was cooking. Embracer also sold off Borderlands developer Gearbox (less than three years after it was bought out) and Saber Interactive, with the latter still planning to release a remake of Star Wars: Knights of the Old Republic.

Embracer's rapid growth and subsequent downsizing has made it a popular target of criticism, but soon the name Embracer Group won't be a thing anymore. The company is splitting itself into three separate entities, and none of them will bear the Embracer moniker. Hopefully, there'll be no further layoffs out of Embracer, but Microsoft's closure of Hi-Fi Rush developer Tango Gameworks h?as proved studios can make successful games and still be shut?? down.

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Soon, the name Embracer Group will ??be no more, as the company has announced it will be separating into three "market-leading games and entertainment" entities, none of which will bear the Embracer Group moniker.

Embracer shared the news earlier today via an April 22 press release, a?s well as the names of the three new companies: Asmodee Group, Coffee Stain & Friends, and Middle-earth Enterprises & Friends. All three will be listed individually on the Stockholm stock exchange, which Embracer said will enabl??e "each entity to better focus on their respective core strategies."

As for what each company will be doing, Asmodee will continue to publish and distribute tabletop games, with it said to currently be working on new licensed games based on popular IPs, like Marvel and Star Wars. So no??t much has really cha?nged on that front, since Asmodee was already making and selling tabletop games long before Embracer acquired it in 2022.

Coffee Stain & Friends will prioritize making indie and A/AA premium games, as well as free-to-play titles, across PC, consoles, and mobile platforms. It will have control of over 200 IPs, including Deep Rock Galactic, Goat Simulator, and Valheim. Middle-earth Enterprises & Friends, meanwhile, will focus on big-budget AAA games, and will serve as the "stewards" of The Lord of the Rings and Tomb Raider franchises. As such, it will also be home to studios like Crystal Dynamics, Ei?dos-Montr??éal, and Dambuster Studios.

"This move has been made with the intention to unleash the full potential of each team and provide them with their own leadership and strategic direction," said Embracer CEO Lars Wingefors. "This is the ??start of a new chapter, a chapter that I intend to remain part of as an active, committed, and supportive shareholder of all three new entities, with an evergreen horizon."

This new strategy for Embracer comes after months of cuts across its various departments. Studios like Volition were shut down, while others like ??Eidos-Montréal saw layoffs and cancelled projects. A fiscal report revealed, in 2023 alone, Embracer let go 8% of its workforce, tantamount to nearly 1,400 employees. More recently, in an effort to make some money back after hoovering up so many studios, it also decided to sell Borderlands studio Gearbox to Take-Two, with Saber Interactive (which is still working on the Knights of the Old Republic remake) also splitting off from Embracer.

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Given the huge popularity of 2003's Knights of the Old Republic, Star Wars and gaming fans have been hoping for an official remake of this classic RPG for years. Until recently, the state of a potential reimagining was left hanging in the balance. However, good ??news is afoot.

In a recent interview with IGN, Saber Interactive CEO Matthew Karch has confirmed that the Knights of the Old Republic project is still very much in development. ??The quote says the "game is alive and well" and the team wants to ensure it will "exceed consumer expectations."

In a nutshell: Saber used to be owned by Embracer Group. However, the studio recently split from the parent company, and the KOTOR remake has been kept in? the hands of the developer.

Outside that, however, there isn't much else to be said. We can't be certain at what stage the remake is currently at, and Karch has been unable to give further information about it. It could still ?be a long way off, but it's comforting to know that it's still very much in active developm??ent.

What's the deal with Knights of the Old Republic?

In this era of remakes and remasters, some of you may be wondering why this 20-year-old game is getting a lot of attention from the fan base. But take a quick look at any list of the best RPGs of all time. Almost certainly, the original Knights of the Old Republic (and/or its 2004 sequel) will crop up.

With a Metacritic score of 94 out of 100, it has near-universal acclaim. Notable for its overall gameplay and story, it won a number of awards, including a BAFTA. It's also an early release from BioWare, which had already built a successful reputation thanks to the Baldur's Gate series, which kickstarted in 1998.

But since its reveal, the KOTOR remake has been caught up in production issues and hasn't had much to show since the first trailer. Saber wasn't even the first to work on the project, as Aspyr was originally set to lead the endeavor. So while it's nice to know that the remake isn't fully cancelled, and as far as we can tell, the remake i?s on the horizon. Albeit at a great distance.

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Embracer Group is cutting down even more and separating itself from Gearbox. Now, the Borderlands creator will have a new home wi??th Take-Two?? Entertainment. 

Embracer has announced that it's officially selling Gearbox Entertainment, which includes Gearbox Software, Gearbox Montreal, and Gearbox Studio Quebec, as well as franchises like Borderlands and Risk of Rain. It will retain a few pieces, however; namely, Gearbox Publishing San Francisco, Lost Boys Interactive, Cryptic Studios, and Captured Dimensions. Embracer will also retain publishing rights for the Remnant series, Hyper Light Breaker, and some other unannounced games.

In a press release, Embracer Group CEO Lars Wingefors wrote, “Through the trans?action [with Take-Two], we lower business risk and improve profitability as we transition to becoming a leaner and more focused company.�?

That transition has been in the works for quite some time and is expected to be finished by the end of the first fiscal quarter this June. Embracer Group has made dramatic cuts over the past year. From March to December 2023 it le?t go of 8% of its workforce, and the slew of layoffs caused game cancellations and ?even closed entire studios.

With that as a backdrop, it’s not surprising that Embracer Group is divesting from Gearbox, especially since Take-Two is expected to pay $460 million for the studio. It's a different tone, though, from 2021, when Embracer paid $363M up-front and potentially much, much more in performance targets for the studio.

This particular transaction may not lead to as much collateral damage for the sold company as some of Embracer Group’s other recent moves. In that same press release, Gearbox CEO Randy Pitchford reassured fans that in his view, this is a good move for the studio as well. “My primary interest is always Gearbox, especially our talent and our customers. I want to personally assure fans of our games that this arrangement will ensure that the experiences we have in development at Gearbox will be the best they can possibly be.”�?/p>

According to a Take-Two release, there are quite a few of those experiences in varying stages of development. Gearbox is currently working on six new projects. One of them is part of a brand-new IP, but the rest are sequels. Specifically, Gearbox is apparently working on another Borderlands game. 

Of course, there’s no guarantee that this deal won’t lead to some amount of layoffs at Gearbox, but we can hope. 2023 was a particularly brutal year for the industry, with around 9,000 layoffs hitting studios of every size. This year’s already gotten off to a rocky start, with layoffs affecting Supermassive Games and leading to a canceled Star Wars project at EA, among so many other hits.

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As of now, Saber Interactive has officially parted ways with parent company Embracer Group. The question that's going to be on a lot of people's lips is: why are you so handsome? No, I mean..."is the remake of Knights of the Old Republic still happening?" That's a much more sensible q??uestion.

The truth is, we still can't say for certain. However, Saber's Chief Creative Officer, Tim Willits (as noted by Eurogamer), recently posted on Twitter/X, confirming that the studio is still working on a number of projects. These include Warhammer 40,000: Space Marine 2, John Carpenter's Toxic Commando, and Jurassic Park: Survival.

There's no mention of the elusive KOTOR remake. Whether this is covered in the "working on a number of titles" bit of Willits' statement is not clear. The fact it's not ?mentioned at all could be a bad sign.

However, dot-dot-dot

With the COO of Saber Interactive neither confirming nor denying the game's existence, it's hard to walk away with a clear understanding of what's happening with Knights of the Old Republic. But there may be a slight glimmer of hope.

According to a notable Bloomberg report by Jason Schreier, the remake is still going ahead. While trying to make sense of Embracer's "divestment" of the studio �?in which he refers to the deal as being "a little misleading" �?user @WhatsAkeo asks whether KOTOR is still in the pipeline.

The response is simply: "Yes that’s going with Saber." Further questioning from user @VinderTomat prompts Schreier to assume that the "previously unannounced AAA game based on a major license" noted in the recent Embracer Group press release must be in reference to the remake. Schreier adds: "It’s the only gam??e that fits."

So, there you have it, folks. We still don't know whether Knights...is making a comeback. Willits hasn't exactly denied it's still in development, but a reputable jour??n?alist seems confident says it is.

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Bloomberg is reporting that Saber Interactive, the developers reportedly working on a remake of Star Wars: Knights of the Old Republic, is being sold b??y Embracer G??roup to a private investment group.

Embracer Group has?? been going through a massive restructuring that has seen hundreds of employees laid off and the shuttering of studios. This latest deal appears to be another part of that on?going effort.

While the state of the Knights of the Old Republic remake is currently in question, Saber Interactive is slated to release a few games this year, including Warhammer 40000: Space Marine 2, Toxic Commando, and Expeditions: A Mudrunner Game. It’s currently not known how the sale will affect their current projects, which also include Jurassic Park: Survival. 

According to Bloomberg’s source, the deal is worth $500 million. Saber was part of Embracer’s big buying spree. They purchased the company back in 2020 at a reported price of $525 million, which m??eans a bit of a loss. Furthermore, Bloomberg is reporting that the price also “includes an option for Saber to bring along multiple Embracer subsidiaries.�?While this might just be referring to Saber’s branches in other countries, there are other studios listed under them, such as 3DRealms and Tripwire.

It’s possible that more of these sales will happen as Embracer continues its efforts to restructure. During their previous fis?cal reports, the corporation has stated that they are in “the final stretch�?of their restructuring, but it’s currently unknown what else is planned.

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Embracer Group has released its fiscal report for Q3 2023, and while much of it is operational information for shareholders, it does ??provide some insight into where they are in regard to the vicious res?tructuring that has resulted in a tremendous number of lost jobs.

Headlining this is a 4% growth of sales, but this growth isn’t due to their PC/Console games, which has actually contracted 5%. Instead, this is largely beca??use of their tabletop? games and “Entertainment & Services,�?while mobile games also saw a small increase.

However, more grim is their headcount. From March 2023 up to December 2023, their headcount has been reduced by 1,383 or, as the report says, about 8% of the total. These cuts are said to have the objective of “transforming Embracer into a leaner, stronger, more focused and cash self-sufficient company.�?/p>

Furthermore, Embracer’s report says that the reductions have “a focus on informing affected employees first, and then carried out with compassion, respect and integrity towards those affected.�?It hasn’t really sounded that way, but sure.

Speaking of compassion, the report says: “As part of the restructuring program, Embracer still has a few larger structured divestment processes ongoing that could strengthen our balance sheet and further reduce capex.�?According to the report, the restructuring is in “the final stretch�?and that it’s “focused on both possible divestments and consolidation.�?/p>

Of the damage already done by Embracer’s restructuring, we’ve seen developers shuttered and games canceled. Layoffs from Embracer’s subsidiaries seemed to be happening at a near-weekly pace for a while, with the last reported set of them affecting Eidos Montreal and resulting in the cancellation of an unannounced entry in the Deus Ex series.

2023 was a rough year in terms of job losses in the video game industry, and 2024 has already been brutal. Just last month, Microsoft cut 1,900 jobs following their $69 billion takeover of Activision Blizzard. If you want the full depressing picture, Kotaku has a running list of all the job losses in 2024, with the number al??re?ady approaching 6,500.

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Recently, Eilas Toufexis, the voice behind Adam Jensen from the later Deus Ex games, posted a heartfelt goodbye to the character he's best known for. With hopes of a new entry fading fast, the actor has since said he's been asked to ease up when talking about the Mankind Divided and Human Revolution protagonist.

In an interview with PCGamesN, Toufexis likened the current state of the video game industry to a "disaster zone." Referring to the continuing onslaught of studios shutting down, projects being shelved, and conglomerates laying staff off, the actor opines about how things are at the m??oment.

With regard to Deus Ex, Toufexis said he never heard anything official after 2016. Every piece of informatio??n that came to him about the franchise was "unofficial, from friends or acquaintances." He also mentions how developer Eidos contacted him in 2020 to ask him to "stop talking about Adam Jensen in interviews and podcasts."

Imagine giving Jensen a gag order

The response goes o??n to say that the reason the developer doesn't want him talking about the chara?cter is because "they wanted people to focus on other things from the studio."

Last month, it was announced that parent company Embracer Group allegedly shuttered an in-progress Deus Ex game. This was on top of 97 people being laid off, which is a headline many of us have sadly become used to seeing these past 12 months or ??so.

Fortunately, Toufexis is still busy with work. In a post on Twitter recently, he said he's currently working on a couple of games, but "I'd expect them all to be canceled be??fore the end? of the week or something." He adds that he's doing fine, though: "I'm very lucky to have many irons in the fire. Games are just in a weird place right now." True that.

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According to reporting by Bloomberg, Embracer Group is laying off 97 of the staff at Eidos Montreal and has canceled an unannounced title in the Deus Ex series. This is part of an ongoing series of job losses as Embracer contr??acts after a period of rapid expa?nsion.

The Embracer Group acquired Eidos Montreal as part of a deal with Square Enix in 2022, which saw the latter company divest from its North American studios. This deal also included Square Enix Montreal and Crystal Dynamics, as well as a selection of properties related to those studios, including games like Thief, Tomb Raider, and Deus Ex.

Many have been anticipating a new game in the celebrated Deus Ex series since the release of Deus Ex: Mankind Divided back in 2016. Following the lukewarm reception to that game, Square Enix put the series on ice. The Embracer purchase brought some ho??pe to having the? series revived once again, but with this cancellation, it seems unlikely.

According to Bloomberg’s sources, Eidos Montreal had been working on the new entry of Deus Ex for two years, and it was “slated to enter production later this year.�?The company will now “instead focus on an original franchise.�?/p>

A release by Eidos Montreal confirms the layoffs and clarifies that 97 positions were eliminated, it’s a continuation of job losses related to Embracer Group. The losses have included the closure of Timesplitters developer Free Radical and Saints Row’s Volition.

It can be difficult to keep up with the volume of cuts made by Embracer, as it seems that a new round happens on a near-weekly basis. Embracer group is hardly the only company cutting staff, however, as massive job losses have been happening across the industry, with Microsoft laying off 1,900 staff members just a few days ago.

We’re not even out of January yet, and the industry has seen nearly 6000 people lose t?heir jobs. It��s s??haping up to be another rough year.

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According to reporting from Kotaku, Black Forest Games has announced the termination of 50% of its overall workforce, which was said to be around 110 employees in 2023. They join a growing list of layoffs experienced in the in??dustry, which continues to accelerate from last year.

Black Forest Games is a German Developer who was responsible for Giana Sisters: Twisted Dreams, Titan Quest, and the recent Destroy All Humans remasters. They are currently working on an adaptation of the comic book mini-series, Teenage Mutant Ninja Turtles: The Last Ronin.  

Black Forest Games is a subsidiary of THQ Nordic who, in turn, is a subsidiary of Embracer Group, a publisher who was rather central in the mass of layoffs that occurred through 2023. The company spent much of last year cutting back staff throughout all its many subsidiaries, following explosive expansionism and the fall-through of a large investment.

A huge contraction of the industry has made this a distressing time for anyone who loves the medium. 2023 was already a huge year for job losses in the industry, while 2024 is already shaping up to be worse. Kotaku is keeping a running tally of video game (and? adjacent) layoffs, and ?by their count, we’re already approaching nearly 6,000 in the first month of the year.

It’s hard to say what our beloved hobby will look like when all of this finally slows down, but it’s rather difficult to stay optimistic.

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According to 3D Realms founder Scott Miller, the Danish development company is the latest to be hit with layoffs from parent company Embracer Group. Miller confirmed that several sources from the company told him that at least half of the company had been laid off. 3D Realms has had quite a few recent releases including Ion Fury: Aftershock, RIPOUT, The Kindeman Remedy, and Kingpin: Reloaded. Embracer Group acquired 3D Realms in 2021.

When will it end?

This continues the ??almost weekly tre??nd of Embracer Group enacting layoffs, with over 900 employees losing their jobs just this year at the hands of Embracer. According to an interim report by Embracer, the layoffs are due to a reduced number of projects across the board. All while posting a 13% i?ncrease in net sales th??is year.

Of course, Embracer Group is just a piece of the story. According to VideoGameLayoffs.com which tracks layoffs across the industry, over 9000 jobs have been lost this year. From small indie companies to massive industry g?iants, it's been a rough year for the industry all around.

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At first it was a rumor, then it was news, and now it’s a reality. The recently revived Free Radical appears to h?ave closed down today, another loss in Embracer Group’s ongoin??g campaign of shutdowns and layoffs.

While the original iteration of Free Radical filed for bankruptcy in 2008, it was partially revived as Crytek UK and later Dambuster Studios. However, in 2021, Embracer Group rounded up much of the key staff from the pre-bankruptcy days �?including Steve Ellis and David Doak �?and re-established Free Radical to work on reviving the TimeSplitters series. Now, before we even see any fruits fr?om their labor, they’ve been shut down again.

As of now, Free Radical’s former webpage shows a very p??articular 404 message. Rather than a simple “Page not found,�?it instead displays �?a href="//www.freeradicaldesign.co.uk//" target="_blank" rel="noreferrer noopener">404 Com??pany Not Found :-(.�?Meanwhile, artists Mark Normington and Adam Kiraly have said farewell to the company on Twitter.

The sheer amount of layoffs this year has made it difficult to be enthusiastic about the industry. For me, the loss of Free Radical hits pretty hard. I can still remember the day a friend of mine introduced me to TimeSplitters 2 on GameCube. We marveled at the level of detail and ate up the cooperative campaign. Later, in college, my group of friends would gather around Timesplitters: Future Perfect to ??cook up the strangest game modes. One particular hit was turning on one-hit kills and setting all the weapon??s to bricks and bats.

Embracer Group chose to expand rapidly during the Coronavirus pandemic and is now quickly contracting as the industry and the market as a whole seem to be contracting in terms of investment. As a result, Embracer Group has cut more than 900 jobs, with more reportedly forthcoming. This is during a year that has been exhaustingly rife with job losses.

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At The Game Awards, Saber Interactive revealed its single-player action-adventure game Jurassic Park: Survival. Players will return to Isla Nublar which is now filled with living dinosaurs as the game takes place the day after the events of the 1993 Jurassic Park film. In Survival, players will ex??plore the island as they outsmart and interact with the dinosaurs to progress through the island.

It's an interesting decision to take with the IP. I have to admit, I thought it would be more similar to ARK: Survival Ascended with the Survival moniker, but I t?hink this could end up being a fun take if it's done well.

Jurassic Park: Survival will launch on PC, PlayStation 5, and?? Xbox S??eries X|S.

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It's been a tough ol' year for people w??orking in the corporate video game world. Publishers and studios have been laying people off at an alarming rate. Embracer Group is just one example, and it's recently been suggested that the holding company may be closing down Free Radical Design.

That's according to sources who recently spoke to VGC. It seems that an email from Embracer CEO Lars Wingefors has confirmed that the TimeSplitters studio will be no more come December 11, "following the completion o??f a consultation process."

At the time of writing, this has not been confirmed by the company. However, recent revelations that Embracer will be laying off hundreds of people suggest?s that Free Radical could well b?e for the chop.

No more TimeSplitters then?

Aside from the ongoing bleakness that is the current video game industry, seeing Free Radical go could well spell the end of a possible TimeSplitters revival. The series has been lying dor??mant for a long time and fans have been hoping to se??e a new entry, especially from the original developer.

Embracer Group is an enormous company with ownersh??ip over many video game developers and publishers, including THQ Nordic, Saber Interactive, ??Gearbox Entertainment, and Eidos-Montreal.

Around 900 jobs are expected to be lost during the restructuring, and rumors about Free Radical being shut down had been circulating. Essentially, if you've been holding out for a new TimeSplitters game, you might be out of luck. Unless another studio can take? over it, but it may not be the same under a different team.

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The gaming industry has been experiencing a wave of layoffs, and Embracer has been hit particularly hard. In an interview with Game Informer, interim? chief strategy officer Phil Rogers spoke a bit about why the layoffs have been occur?ring and the effect they have had.

Rogers explains that the business is in a period of restructuring, and this unfortunately comes with a human cost. He states: "it's been an ?agonizing process to see the sort of headcount [reduction], but we know it's a necessary thing for us to hit our new and needed goals."

It doesn't seem like?? the worst is over yet, as Embracer claims it is still in its early stages of restructuring. According to ??Rogers, we can expect "some more cancellations, potentially some more closures or management buyouts."

Embracer's future

As previously announced, Embracer has laid off over 900 employees this year alone across numerous studios. This comes after a period of rapid studio acquisition. In an open letter, the company stated that the layoffs were occurring due to the group shifting from a “heavy-investment-mode to a highly cash-flow generative business.�?/p>

Along with the staff reduction, a few Embracer studios have been shut down permanently, including Volition. Despite this, Embracer claims it still has over 200 games in development across its several stu?dios. The focus isn't solely on big AAA games, as Rogers believes that "bigger games aren't always fun."

Although Embracer is enduring some turbulence, Rogers is ?still optimistic. He has high hopes for the industry because "the demand for content has never been greater." He also believes the business is in a good place financially. Embracer is "going to readjust that games pipeline down to the run rate we talk about is SEK 5 billion ($478.4 million) going into next fiscal year," and it is in line with its targets to bring its debt down.

In the last few years, Embracer has had a significant impact on the industry. Time will tell whether that impact will be positive or negative for creator??s and players.

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Back in 2021, a PlayStation showcase announced that Aspyr was developing the often-rumored remake of Star Wars: Knights Of The Old Republic. Sadly, that was pretty much the l??ast positive piece of news we got out of that project �?up? until now.

In 2022, we learned that parent company Embracer Group had dropped Aspyr as the developer and chosen its own Saber Interactive as the replacement. A studio swap is usually troubling news, but the apparent writing on the wall came only three days ago when Giant Bomb's Jeff Grubb said that “this game is not being worked on right now.�?/p>

Luckily, however, it seems like the rumors of the KOTOR remake's death could have been exaggerated. Bloomberg's Jason Schreier has tweeted that while he doesn't kn?ow whether or not the game will ever come out, he reports from two sources at Saber Interactive that they are still working on it.

Embracer ?has yet to comment on the matter, so we still don't know the company's current plans for the remake. When asked about it during a recent Embracer financial presentation, CEO Lars Wingefors declined to provide a comment, saying "I ?notice anything I say to this becomes a headline, so that is my only comment."

We might not learn much for a while, considering how Embracer is going through a troubled period. Volition was shut down, Free Radical reportedly faces closure, and its layoffs in just one quarter have reached titanic proportions.

The situation sucks, for developers and players. People who've played the original upon release and the many more who got to experience it in the two decades that have since passed would likely love to revisit Knights of the Old Republic in a remake. But whether that will ever?? actually happen or not remains unclear.

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Back in 2021, it was announced that Knights of the Old Republic would be getting an official remake, with plans to release it on PC and PS5. However, things have not been going swimmingly for KOTOR's return, and if you?'ve clicked on this headline, you already know where this is going.

A few days ago, Giant Bomb's own Jeff Grubb claimed that "this game is not being worked on right now." And by "this game," he definitely means the remake of Knights of the Old Republic. He goes on to say that no studio anywhere is currently developing it. The discussion begins around t?he 31-minute mark.

Grubb also adds that fans may have already been picking up the pieces, and it certainly seems like Embracer Group is sitting on this long-awaited game. However, nothing?? official has been claimed yet regarding the remake, so take this information at face value for now.

Embrace for disappointment

KOTOR is in the care of Saber Interactive, which is owned by Embracer Group. Last week, Embracer CEO was not willing to pass comment on the status of Knights of the Old Republic. And last year, there was another report about the remake being put on hold, so at this stage, it's safe to assume the project is li??kely in d??evelopment hell.

It's a bit of a shame really. The original 2003 release �?which was made by BioWare of Mass Effect fame �?is considered to be one of the best Star Wars video adaptations of all time. To see it make a comeback at a time when remakes and remasters are still in vogue feels like Em?bracer with its figurative finger so far from the pulse, it's levitating.

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As initially reported by IGN, Embracer CEO Lars Wingefors commented during a financial presentation that he has no comment on the state of the Star Wars: Knights of the Old Republic remake. He also states, “Anything I say to this becomes a headline.�?Yes, sir. Ye?s, sir, it will.

A remake of the classic 2003 RPG Star Wars: Knights of the Old Republic was announced back in 2021 during a Playstation Showcase. Since then, we’ve received re-releases of the two games in the series, and then everything kind of hit the rocks. The re-releases didn’t go very smoothly, and the intention of adding restored cut content to th??e second game (w??hich badly needs it) was canceled.

In 2022, Bloomberg reported that the remake might have been put on hold. This was following the production of a demo �?which reportedly didn’t go o??ver very well �?and the subsequent firing of the art and design director.

While Wingefors statement doesn’t really say anything, the fact that it says nothing is pretty telling. If production was chugging along on schedule, he probably would have been quick to tout its promising?? outlook. It also doesn’t clarify if the project is on indefinite hold or canceled outright. So,? that leaves us to speculate.

I was pretty skeptical of the project, to begin with. Aspyr and Saber Interactive are capable studios, but they’re mostly known for porting existing games. A remake on this scale is pretty massive, so even if it saw the light of day, I’m not certain it would meet its ambition. Now, however, Embracer has been laying off massive amounts of people �?reportedly 900 in a single financial quarter. I’m not saying it’s impossible for the Knights of the Old Republic remake to eventually see the light of day, but I’ll believe it when I?? see it.

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2023 has been an utterly miserable time to be working in the video game industry. Announcements of layoffs from ?som??e of the biggest names around have been dominating news sections lately. While we already knew Embracer Group was one of them, we now know the figures.

In the most recent sales report from the Crystal Dynamics and Gearbox Software owner, the company has said it experienced a 13% in??crease in net sales between July and September of this year (Q2 of their 2023-2024 fiscal year).

It then goes on to acknowledge that "around 900" people were part of the "reduction in headcount." This equates to 5% of the whole workforce. That's quite an astonishing amount ??of people to let go. Embracer Group said it's also "reduced the number of projects" being worked on and is focussing on "improving the projected return on investment within PC/Console."

At least the company is doing well...

The report goes on to say that CEO Lars Wingeford would like to "put on record a special t??hanks to the people who have left Embracer in the quarter." Unfortunately, it's unlikely to bring much comfort to those who have lost their jobs.

We already knew that developers under Embracer's umbrella were being targeted for mass layoffs. However, this latest report really hammers? home the extent to which studios have been affected by these "reductions."

You've heard this s??tory dozens of times already. Ubisoft, Team17, Naughty Dog, Amazon, CD Projekt Red, and many more have all been involved in redundancies, many to the tune of hundreds. One wonders whether anyone would still be interested in seeking a career ?in game development after all this.

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Citing sources close to the studio, Video Games Chronicle has reported that Timesplitters developer Free Radi??cal is facing closure b??y Embracer Group.

The original Free Radical filed for bankruptcy in 2008 after the cancelation of Star Wars: Battlefront III and a failed bid at a Goldeneye 007 remake for Activision. The remains of the studio were bought up by Crytek, rebranded Crytek UK, and the staff went to support some of that developer’s games, such as the Crysis series and Warface. During this time, a lot of the staff reportedly left the studio. Most of the remaining staff was later transferred to Dambuster Studios under Deep Silver, where they worked on Homefront: The Revolution and Dead Island 2.

In 2021, Deep Silver (a subsidiary of Plaion and Embracer Group) reformed Free Radical with some of the key staff returning, including Steve Ellis and David Doak. The intention was for them to revive the Timesplitters series.

According to Video Games Chronicle, Embracer and Plaion “must consult employees for a minimum of 30 days before making any redundancies, including exploring ways of avoiding them.�?This means that the studio could remain open, but as VGC initially reported, many key staff are currently looking for work.

If the closure of Free Radical goes through (and it looks like it will), this will be another in a long line of closures and layoffs for Embracer Group. This follows the loss of a potential $2 billion investment that reportedly fell through earlier this year. It’s been really painful to see so many losses due to the failures of an overly optimistic, expansion-hungr??y corporation.

Beyond Embracer Group, many other companies have been laying off huge portions of their staff, including Epic Games and Ubisoft. It’s not a fun time to be covering this industry, let a??lone working in it.

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Spotted by Twitter user Timur222 and reported by Game World Observer it appears that the latest to be affected by layoffs within Embracer Group and th?e video game industry in general are Cryptic Studios and Zen Studios.

The news has come as a result of multiple employees within the studios updating their Linkedin profiles to ??seek new employment opportunities. Because of this, it’s unknown just how many are affected b??y these layoffs, which appear to have happened last week, and Embracer has not released a statement to clarify.

Cryptic Studios rose to prominence with the development of City of Heroes (my favorite MMO) and continues to maintain Champions Online, Star Trek Online, and Neverwinter. Meanwhile, Zen Studios is the developer behind the Zen Pinball and Pinball FX series.

The layoffs are part of a continued cost-cutting campaign by Embracer Group. The company had previously launched an aggressive acquisition campaign and bought out a number of developers, large and small. This seems to be related to a $2 Billion dollar investment that reportedly fell through earlier in the year.

Embracer isn’t the only one conducting layoffs. ??This year has been horrible when it comes to people losing their jobs, not just in the video game industry but the tech industry in general. The list is a bit long, and it’s really depressing, so I’m just going to copy what Destructoid’s ??own Eric “Boulder Puncher�?Van Allen wrote previously:

"A brief list includes Epic Games, Striking Distance Studios, CD Projekt Red, multiple studios owned by Embracer Group including Beamdog and Crystal Dynamics, Ubisoft, BioWare, Relic, Riot, Firaxis, and Microsoft. Plus reports of more at Twitch, Naughty Dog, and Team17. On top of all that, there was also the shutdown of Dang!, PixelOpus, Vanpool, and Volition Games."

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Embracer Group is a ?video game company which owns over 70 studios around the world. Things haven't been looking good for its studios lately, as they have been suffering from layoffs and closures.

The next studio to meet this fate is Crystal Dynamics which is the team behind the Tomb Raider Survivor trilogy. It is currently developing the next Tomb Raider game which will be published by Amazon.

On Twitter, the studio announced that it had to part ways with nine brand/marketing employees, as well as an IT employee. According to LinkedIn, ?the studio has 201 to 500 emplo??yees. Crystal Dynamics states that the difficult choice was made to align the studio with its current business needs.

Some of the ex-employees affected by the layoffs have identified themselves (as Eurogamer reports), including senior brand manager Nicholas Edwards who revealed on LinkedIn that he is no longer?? working at Crystal Dynamics.

Embracer Group is changing its business strategy

Embracer Group had been on a buying spree, but that has come to a halt. As revealed in an open letter, it is now focused on becoming a highly cash-flow generative business. The consequence of this has been the closure of studios like Volition and layoffs in studios such as Beamdog.

It appears that not even Embracer's biggest studios are safe, as there have been reports of the company showing interest in selling off Gearbox, the studio behind Borderlands. This leaves us wi?th uncertainty regarding al?l of Embracer's studios.

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Embracer Group has reportedly laid off more than 25 employees from Beamdog, according to former employees via LinkedIn, as spotted by GameDeveloper. Beamdog, the studio behind Baldur’s Gate Enhanced Edition, Neverwinter Nights Enhanced Edition, and Mythforce was acquired by Embracer’s Aspyr Media subsidiary in April 2022. 

“On Friday 26 people were laid off at Beamdog, and I unfortunately am one of them,�?said former associate producer Misia Bloniarz via LinkedIn. “After 4 years at the company I look back at my time there fondly, and wish everyone the best.�?/p>

Others affected by the layoffs include former associate graphic artist Jill Hollett and former QA manager Erin McIntyre, who also confirmed their termination via LinkedIn. These layoffs are just one result of Embracer Group’s previously announced restructuring, with other studios �?including Saints Row developer Volition �?facing shutdowns or layoffs. In t?hat announcement, CEO Lars Wingefors insisted on the “unt?apped potential�?of Embracer.

“Across the group, we are now initiating multiple actions to strengthen our cash flow generation and leverage our portfolio ?of IPs to become a stronger company and setting out on a stable future to build even greater games to the benefit of gamers and fans across the globe,�?Wingefors said. He then went? on to say that, despite this action, there would be closures and layoffs in the group’s future.

This might not be the last time we’ll hear about Embracer holding layoffs or closures; earlier this month, the company was reportedly considering a sale of Borderlands developer Gearbox Entertainment, per Reuters. 

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Embracer Group is a large company that has its fingers in quite a few pies. In 2021, Gearbox Entertainment was acquired by Embracer for an eye-watering $1.3 billion. Despite the pricey purchase, it seems not all is well, and a report from Reuters claims that Embracer i??s considering its options with Gearbo??x.

Reuters, citing three people familiar with the matter, states that the involved parties are working with Goldman Sachs and Aream & Co to explore a possible sale, and this comes after Embracer received interest from third parties. This is certainly big news, but it's not entirely a surprise, as Embracer had previously made it known that the company is?? undergoin?g drastic changes.

In June, the company released an open letter explaining that it is aiming to shift from a "heavy-investment-mode to a highly cash-flow generative business." Doing this will require "closing or divestments of some studios and the termination or pausing of some ongoing game development projects." We've already seen the effects of this with the closure of Volition and Campfire Cabal.

[caption id="attachment_386449" align="alignnone" width="640"] Image via Embracer Group.[/caption]

 What happens to Gearbox now?

Gearbox is mostly known for the Borderlands franchise, with 2019's Borderlands 3 serving as the latest mainline entry. It has also published several successful titles, including the unexpected hit Remnant 2. Currently, it is unclear what the studio's future will look like. Reuters warns that the deal may not happen, as nothing has been finalised. However, Embracer's acti??ons this year suggest the company is eager to shed weight.

It's worth keeping in mind that the report mentions a sale as just one of its options with Gearbox. Though it's not stated, it stands to reason that a possible studio closure may be one of the other options, which would be bad news for Borderlands fans.

Gearbox was founded in 1999, and since then it has placed its fingerprints on several massive franchises, including Duke Nukem and Half-Life. Though it appears?? it may have an uncertain future ahead, its longevity thus far gives hop?e that it'll endure.

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Volition Games is shutting down. The studio behind games like Saints Row, Summoner, Red Faction, and more is being shuttered by p?arent company Embracer Group.

In a statement shared on LinkedIn, the studio announced the news. This past June, Embracer announced its restructuring plan, in w??hich it confirmed there would be stu??dio closures.

[caption id="attachment_400739" align="alignnone" width="640"] Image via Volition Games/LinkedIn[/caption]

"As part of that progr??am, [Embracer] evaluated strategic and operational goals and made the difficult decision to close Volition effective immediately," reads Volition's statement.

Volition also confirms that it's working with the team to provide job assistance and "help smooth the transition" for Volition members. "We thank our customers and fans around the world for all the love and support over the y?ears," the studio says. "You will always be in our hearts."

We've reached? out for additional com?ment from Volition and Embracer.

Thirty years of Volition

There's a lot of history in Volition Games, stretching back through the years. While Saints Row is likely their most well-known series, the studio also worked on the Red Faction series, Summoner, and the FreeSpace and Descent games.

Volition hit some rocky waters with its 2022 version of Saints Row, which garnered some mixed reception. It, like many other studios, was vacuumed up by Embracer Group. It's a disheartening thing to see, especially as the news slowly broke this morning from employees laid off and out of work amidst the studio's closure.

Embracer's restructuring is set to happen in phases through to March 2024, and will "include, but not be limited to, closing?? or divestments of some studios and the termination or pausing of some ongoing ??game development projects," Embracer CEO Lars Wingefors said at the time.

For reference, the Embracer Group a?lso has Gearbox, Crystal Dynamics, THQ Nordic, Plaion, Asmodee, and Saber under its umbrella.

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Tale as old as Time

Embracer Group, the holding company that has spent recent years acquiring studios and publishers from across the globe, has announced that it is preparing to enter a phase of restructure, whi?ch is expected to result in the closure of numerous studios within the company's portfolio.

"Today we announce a comprehensive restructuring program that will enable us to realize untapped potential in Embracer Group and better optimize the use of our resources" begins a statement by Embracer CEO Lars Wingefors. "Across the group, we are now initiating multiple actions to strengthen our cash flow generation and leverage our portfolio of IPs to become a stronger company and setting out on a stable future to build ?even greater gam?es to the benefit of gamers and fans across the globe."

In a separate, "open letter" however, Wingefors confirmed that studio closures and ??layoffs will be taking place as part of the restructuring ?process.

"Embracer currently engages close to 17,000 people and while that number will be lower by the end of the year, it is too early to give an ex?act forecast on this," wrote Wingefors."It is painful to see talented team members leave. Our people are what make up the very fabric of Embracer. I understand and respect that many of you will be worried about your own position and I don’t have all the answers ?to all questions. I want to be clear that the decisions about this program were not taken lightly."

"The reality is that the quicker we act, the sooner we emerge as? a stronger company."

Embracer Group is currently one of the biggest and most influential holding companies in media in general and gamin??g in particular. The Swedish conglomerate's vast portfolio of studios includes Gearbox Entertainment, Koch Media,? THQ Nordic, DECA Games, Plaion, Asmodee, Crystal Dynamics, Saber Group, as well as all the respective subsidiaries and a large list of independent studios.

"The actions will include, but not be limited to, closing or divestments of some studios and the termination or pausing of some ongoing game development projects," continues Wingefors. "It will also include decreased spending on non-development costs such as overhead and other operating expenses. We will r??educe third-party publishing and put greater focus on internal IP and increase external funding of large-budget games."

The restruc?turing process will happen in phases, ??effective immediately until March 2024.

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G-G-G-G-GHOST!

Ghost Ship Games, the independent developer behind 2018's smash hit Deep Rock Galactic, has announced that it has founded a new publishing wing, named, naturally, Ghost Ship Publishing. The new label is the next step in the evolution of the? studio, following its purchase by Embracer Group in 2021.

"Becoming a publisher is a way for us to give a bit back to the industry, and to help lift up both the Danish gaming scene and other small developers like ourselves across the globe," said CEO of Ghost Ship Games Soren Lundgaard in a press statement. "Our goal is to assist fellow developers with funding and marketing expertise, while also helping them establish a solid business. Founding a publishing brand is a passion project for us, and we are very excited to make this a reality.�?/p>

//?twitter.com/GhostShip_Games/statu?s/1626153169255297024?s=20

"Starting a publishing company is a natural next step for Ghos??t Ship," adds CCO Mikkel Martin Pedersen. ??"We love games and the success of Deep Rock Galactic has now enabled us to help other developers create theirs. We can’t wait to get started."

Ghost Ship Publishing is believed to already have several titles waiting in the wings for release in 20??????????????????????????23 and beyond. The new label will work with independent studios in order to help conceive, finance, and release their r??espective projects. Ghost Ship Games was originally brought under the EMbracer Group banner in August 2021, as part of a huge acquisition period that also saw the holding company pick up 3D Realms, Easy Trigger, Slipgate Ironworks, CrazyLabs, and several other fledgling studios.

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Lara heads to a new home

Amazon Games and Crystal Dynamics have entered a new partnership to publish the latter's upcoming Tomb Raider project. ??The new multiplatform entry in the story of Lara Croft will receive support and publishing help from Amazon.

The announcement today confirms Crystal Dynamics' newest partner on the project, following the studio getting acquired by the Embracer Group. The press release also confirms this will be a single-player, narrative-driven Lara Croft adventure. Crystal Dynamics will continue to develop, while Amazon provides support and globally publishes the still-unnamed Tomb Raider.

"Crystal Dynamics has an extraordinary opportunity following our acquisition by Embracer to redefine what a publishing relationship is for Tomb Raider," said Crystal Dynamics head Scot Amos in a press release. "Transformative is what we’re looking for, and with Amazon Games,?? we found a team that shares our creative vision,? ambitions, and values for a Lara Croft universe across the spectrum of possibilities."

The new Tomb Raider is also being built in Unreal Engine 5. Lara's new adventure is still in early development, but today's news promises there will still be enemies to take down and puzzles to solve in the new Tomb Raider.

A new benefactor

For Amazon, the online shopping giant picks up another publishing deal with this project. Bandai Namco's Blue Protocol is also joining up with Amazon ?for publishing, helping the online RPG launch sometime next year.

Meanwhile, for Crystal Dynamics, the deal ensures some support for the next big Croft ga??me. The studio is saying it will be the "biggest" and "most expansive" to date. It's al??so set to carry on Lara Croft's story, though in what manner that happens remains to be seen.

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