this seems soon-to-be the Embracer cut. this company fucking sucks man. hate this shit
VGC reported earlier this month that Free Radical was at threat of being closed just two years after it was established, as part of huge company-wide cuts at Embracer and its owned publishers.
Although Embracer has yet to publicly confirm Free Radical’s position, sources told VGC that Wingefors has now acknowledged in a company e-mail that the Nottingham, UK-based company could be closed on December 11, following the completion of a consultation process.
Why did they buy up everything ? Seemed to fall apart pretty quickly
Borrowing money was cheap until it wasn’t. When they bought the old Eidos stuff, everyone thought Square Enix was taking crazy pills. Now, given that everyone’s cutting back right now, it looks more like they knew something Embracer didn’t.
Wasn’t Embracer depending on a huge cash deal with the Saudis that fell through? Likely had an impact.
I think regardless of that deal, they were already on the debt-go-round for long enough it would’ve caught up to them eventually. I can’t imagine this was gonna be “one last job then we go clean.” The market would continue to demand more and faster growth until they hit the wall one way or the other.
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People were taken aback by how little they sold for. IO Interactive bought themselves back from Square Enix some time ago.
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2017 is ancient history compared to the current economic climate, and that sale came out of an attempt to make games episodic to their detriment. $300M seemed low considering the buyer makes that money back with probably 1.5 Tomb Raider games, and Deus Ex and all of those other Eidos properties are a bonus. Yes, the deal seemed crazy for Square Enix at the time.
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Oh, groovy. Smashing. Yay, capitalism…
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Even simpler, just having that IP denies the competition access to it. In their eyes that creates value and at the end of the day that’s all that matters to these companies holding IP. They can just sit on it.
I got the sense Embracer got the things it got specifically because they were being sat on, creating no value for anyone.
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They were hoping to be bought up by a Saudi company but the deal fell through
And Embracer claims another victim. It feels like they aren’t going to have many studios left when they finish their “restructuring” process. At least Wingefors was nice enough to acknowledge that the employees, who might be about to lose their jobs, are going through a slightly more challenging time than the executives who are deciding which studio is next on the chopping block.
