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Image credit: Gearbox | Borderlands 3
After months of rumors and layoffs, Embracer Group has sold Gearbox Entertainment, the creator of Borderlands and Tiny Tina’s Wonderlands, to Take-Two Interactive Software for $460 million.
Interestingly, Embracer will retain "selected companies", including Gearbox Publishing San Francisco, which is going to be renamed, with the publishing rights to the Remnant franchise, the upcoming Hyper Light Breaker, and other notable unannounced game releases.
"Through the transaction, we lower business risk and improve profitability as we transition to becoming a leaner and more focused company. After evaluating several options for Gearbox, I am happy that we have reached a solution that is in the best interest of all stakeholders," said Lars Wingefors, co-founder and CEO of Embracer.
Embracer lets go of Gearbox Software, Gearbox Montréal, Gearbox Studio Quebec, Borderlands and Tiny Tina’s Wonderlands franchises, as well as Homeworld, Risk of Rain, Brothers in Arms, and Duke Nukem. Gearbox Publishing San Francisco, Cryptic Studios, including MMO titles Neverwinter Online and Star Trek Online, Lost Boys Interactive, and Captured Dimensions stay with the group. The acquisition is expected to be completed until June 2024.
Gearbox will operate within 2K led by the founder and CEO Randy Pitchford.
The decision is part of Embracer's restructuring, which includes massive layoffs. Earlier, Wingefors said the company would be keeping "the most iconic studios and IPs under development." I guess Borderlands is not that big for him.
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