Embracer Group announces plans to cancel games, close studios, and layoff staff:
Embracer Group has announced a large-scale restructuring program that will result in the Swedish company closing studios, canceling game projects, and laying off staff.
"The program presented today will transform us from our current heavy-investment mode to a highly cash-flow generative business this year. It will enable us to meet the worsening economy and market reality as a strong company, and it will fundamentally change our prioritization of growth with raised capital towards optimization and growth based on our own cashflows."
Over the years, Embracer Group has acquired swathes of studios and video game companies, such as Crystal Dynamics, Eidos Montreal, Gearbox Entertainment, THQ Nordic, Plaion, Saber Interactive, Middle-earth Enterprises, Asmodee, Deep Silver, and many more. "It will also include decreased spending on non-development costs such as overhead and other operating expenses. We will reduce third party publishing and put greater focus on internal IP and increase external funding of large-budget games." Wingefors notes that mainly unannounced projects will be canceled, and that"all announced significant releases will still be released as planned.
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