Square Enix is selling studios Eidos, Crystal Dynamics and Square Enix Montreal to Swedish video game and media holding company Embracer Group.
The massive $300 million deal includes the studios and all the IPs attached to them, including major franchises such as Tomb Raider, Deus Ex, Guardian, Thief and more. According to an announcement, ownership of more than 50 back-catalog games from Square Enix’s library will go to Embracer Group and the deal is expected to impact 1,100 employees across three studios.
The agreement states, "The transaction will assist [Square Enix] in adapting to the changes underway in the global business environment by establishing a more efficient allocation of resources, which will enhance corporate value by accelerating growth in the Company’s core businesses in the digital entertainment domain," with Tomb Raider, Deus Ex, Thief and Legacy of Kain being mentioned, specifically, as primary IPs to be divested.
In a statement following the announcement of the sale, Embracer Group co-founder and CEO Lars Wingefors said, "We are thrilled to welcome these studios into the Embracer Group. We recognize the fantastic IP, world class creative talent, and track record of excellence that have been demonstrated time and again over the past decades. It has been a great pleasure meeting the leadership teams and discussing future plans for how they can realize their ambitions and become a great part of Embracer."
Phil RoSquare Enix America and Europe CEO Phil Rogers also stated, "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."
It's worth noting that developers Eidos Montreal recently released Marvel’s Guardians of the Galaxy, while Marvel’s Avengers was released by Crystal Dynamics. Neither the announcement or the agreement itself make any mention of the Marvel-associated titles.
Some of the IPs have new projects currently in the works. In recent weeks, for example, Crystal Dynamics revealed the next instalmnet in the Tomb Raider franchise had entered active development using the Unreal 5 engine.
Source: Embracer