It's focusing on big-budget projects and plans to make The Lord of the Rings a major gaming franchise.

Embracer Group suffers losses following failed $2 Billion deal

Febin MathewJune 13, 23Business, Embracer, Games, Gaming

Embracer Group has revealed plans for a significant overhaul of its operations, involving the cancellation of games, staff layoffs, and the closure or sale of studios. The aim of the restructuring is to streamline the business and cut costs. The announcement follows the collapse of a potential deal that would have generated $2 billion in revenue over six years, despite Embracer having received a verbal agreement from the unnamed partner. It will take until March next year to complete the restructuring process. It is “too early to give an accurate…

Swedish games group Embracer on Wednesday said a large planned strategic partnership had fallen through unexpectedly and that it had lowered its profit guidance, sending shares into a tailspin.

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Tomb Raider Games Firm Embracer Falls After Partnership Talks Collapse

Jim HendlerMay 24, 23Embracer, Games, Gaming, Tomb Raider

Swedish gaming group Embracer said on Wednesday that a major planned strategic partnership had unexpectedly failed and that it had lowered its earnings guidance, sending shares into a tailspin. The developer, which last year bought several development studios and the intellectual property rights to several games, including the new Tomb Raider game, said the deal would have “set a new benchmark for the games industry”. “Late last night, we were informed that one major strategic partnership that has been negotiated for seven months will not materialize,” the statement said. The…