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Embracer Group AB (formerly Nordic Games Licensing AB and THQ Nordic AB) is a Swedish video game and media holding company based in Karlstad. The company comprises six operative groups: CDE Entertainment, Dark Horse Media, Deca Games, Freemode, Plaion and THQ Nordic.

Key Information

Embracer Group was established as Nordic Games Licensing within Nordic Games Group in 2011. The latter had previously purchased assets from the bankrupt publisher JoWooD and established Nordic Games GmbH (a subsidiary of Nordic Games Licensing) to manage them. Nordic Games Licensing continued to purchase intellectual property from defunct publishers, notably several THQ products in 2013, followed by the "THQ" trademark in 2014. In August 2016, Nordic Games Licensing and Nordic Games GmbH changed their names to THQ Nordic. The parent company became a public company in 2016 and changed its name to Embracer Group in 2019. Until 2023, Embracer Group rapidly grew through major acquisitions and investments. After a US$2 billion investment unexpectedly fell through, the company was more than $2 billion in debt and began closing and selling multiple studios and while laying off people at others.

On 22 April 2024, Embracer Group announced its intention to transform into three standalone publicly listed entities on Nasdaq Stockholm within the next two years: a board game segment under the Asmodee group, an indie games segment under Coffee Stain Group, and a segment to manage its library of licensed intellectual properties including that of Tolkien's Middle-earth under Fellowship Entertainment,[4] all three entities will be under the new holding company Embracer AB.[5]

History

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The original Nordic Games as video game retailer (1990s–2004)

[edit]

The Swedish entrepreneur Lars Wingefors (born 1977[6]) started several sales businesses during his teenage years, including the second-hand comic book seller LW Comics at age 13, which made close to 300,000 kr annually.[7][8] At age 16, Wingefors founded Nordic Games to sell used video games by mail order;[9] which generated 5 million kr in revenue in this first year. With growing income post 1994, Nordic Games was turned into a retail chain and opened seven locations across Sweden.[7] In 1998, the company acquired Spel- & Tele shopen, a store in Linköping that Pelle Lundborg had opened at age 16 in 1994.[10][11]

Towards the end of the 1990s, Nordic Games was suffering from a poor corporate structure. Although Wingefors was asked to either seek new partners or bring in venture capital, he opted to sell the company to Gameplay Stockholm, the Swedish subsidiary of Europe-wide retailer Gameplay.com. In March 2000 for stock valued at £5.96 million, with Wingefors becoming part of the European management.[7][12][9] Under Gameplay.com, Nordic Games failed to generate much revenue. It tried to establish mobile game, digital distribution and cable TV box businesses, all of which did not gain traction.[7] When the dot-com bubble burst, Gameplay.com faced financial issues, and Nordic Games was sold back to Wingefors in May 2001 for a symbolic sum of 1 kr.[7][13][14] Wingefors brought in venture capitalists and reformed the company to only sell newly released games, but the company faced strong competition and finally filed for bankruptcy in 2004.[7]

The new Nordic Games as video game publisher (2004–2011)

[edit]

Wingefors invested the money he had left into a new limited company and, together with potential customers acting as investors, reformed Nordic Games under the name Game Outlet Europe.[7] The new company saw success with purchasing unsold inventory from larger video game companies (such as Electronic Arts), repackaging them on pallets in its Karlstad headquarters, and selling them on the international market and through other retail chains, including Jula, Coop, and ICA.[7][8] In December 2008, Nordic Games Publishing was established as the video game publishing subsidiary of Game Outlet Europe.[10] The subsidiary started out with seven people, including primary shareholder Wingefors, based in Karlstad, and chief executive officer Lundborg, who had since moved to Málaga with his wife.[10][15] Nik Blower in London was added to the management team in February 2010.[10][16]

The idea behind Nordic Games Publishing was to invest in the development of games that would fill gaps in the video game market. Wingefors and Lundborg had noticed that the line-up of games for Nintendo platforms was lacking karaoke games similar to SingStar, which was exclusive to PlayStation consoles.[10] Based on 100-page requirement documents from Nintendo, which included that the game's microphones should be produced by Logitech, and four months of research at a karaoke bar in Watford, England, Nordic Games Publishing assembled a song list for a prospective game and started producing what would later become We Sing.[10] Around this time, Nordic Games Publishing also released Dance Party Club Hits, a dance game that came bundled with a dancing mat.[10] In 2009, Nordic Games Publishing had a turnover of 50 million kr, of which 75% were accounted for by sales of We Sing.[10] For 2010, the company projected a turnover of 200 million kr, while at the same time, Lundborg was looking for new investors to make the company independent of Game Outlet Europe.[10] By March 2011, Nordic Games Holding had been established as a holding company, with Game Outlet Europe and Nordic Games Publishing aligned as its subsidiaries.[7]

Nordic Games as holding for acquisitions and expansion (2011–2018)

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Former logo of THQ Nordic AB (2016–2019)

In June 2011, Nordic Games Holding acquired the assets of the insolvent publisher JoWooD and its subsidiaries.[17][18] The acquired assets were transferred to Nordic Games GmbH, a newly established subsidiary office in Vienna, Austria.[19] Several former JoWooD employees were hired by Nordic Games GmbH to work on the backlog sales of former JoWooD properties, and Nordic Games Publishing was integrated into Nordic Games GmbH to facilitate publishing operations.[20] Nordic Games Licensing AB, also established in 2011, became the holding company within Nordic Games Holding (later known as Nordic Games Group), as well as the parent company of Nordic Games GmbH.[21][22] Nordic Games acquired the Scandinavian business of retailer Game in May 2012.[23] In April 2013, Nordic Games Licensing bought several assets of the bankrupt publisher THQ to be managed by Nordic Games GmbH.[21] It obtained the "THQ" trademark in June 2014, intending to use the name as a publishing label for its THQ properties.[24] Subsequently, in August 2016, the company changed its name to THQ Nordic, while Nordic Games GmbH became THQ Nordic GmbH.[24][25] According to Wingefors and THQ Nordic GmbH's Reinhard Pollice, the name change was undergone to capitalise on the good reputation of THQ's past, although they avoided naming the companies just "THQ" to avoid connections to the bankrupt publisher's more recent troubled history.[24]

THQ Nordic undertook its initial public offering on 22 November 2016 and became a public company listed on the Nasdaq First North stock exchange, being valuated at 1.9 billion kr, while Wingefors retained a 50% ownership in the company.[26] In February 2018, THQ Nordic acquired the Austrian multimedia company Koch Media, which operated the Deep Silver video game label, for €121 million.[27] Koch Media was set to operate independently under THQ Nordic, separate from THQ Nordic GmbH.[27] To better reflect its holding function and to avoid confusion between THQ Nordic and its Viennese office, THQ Nordic stated that it planned to rename itself in the future.[27] In June 2018, the company issued 7.7 million new Class B shares to raise US$168 million for future acquisitions.[28] The company bought the Coffee Stain group, including houses developer Coffee Stain Studios, for 317 million kr in cash.[29] Coffee Stain became THQ Nordic's "third leg", operating independently like Koch Media.[29] Through the two acquisitions and continued sales from THQ Nordic GmbH, THQ Nordic's net sales rose by 713%, to $447.6 million, in its 2018 fiscal year.[30] In December 2018, GamesIndustry.biz named Wingefors as one of their People of the Year.[15]

Holding rebranded as Embracer Group and rapid growth (2019–2022)

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In February 2019, THQ Nordic issued 11 million new Class B shares and raised 2.09 billion kr.[31] At the end of its first fiscal quarter of 2019, THQ Nordic bought Game Outlet Europe for 10 million kr from Nordic Games Group, which was still majority-owned by Wingefors.[32] THQ Nordic then bought the investment arm of Goodbye Kansas, Goodbye Kansas Game Invest (GKGI), and its investments in five startup developers—Palindrome Interactive, Fall Damage, Neon Giant, Kavalri Games and Framebunker—for 42.4 million kr.[33][34] GKGI was later rebranded Amplifier Game Invest to reflect its new ownership.[35]

To avoid further confusion with THQ Nordic GmbH and clarify its position as a holding company, THQ Nordic assumed the name "Embracer Group" at its annual general meeting on 17 September 2019, while the branch in Vienna retained its name.[36][37] In the following months, Embracer made several acquisitions and openings: Amplifier Game Invest bought Tarsier Studios for 99 million kr. in December 2019 and opened River End Games and C77 Entertainment in January 2020.[38][39][40] Embracer Group acquired Saber Interactive and its five satellite studios in February 2020 for a $525 million to establish its fifth operative group.[41] Saber co-founders Matthew Karch and Andrey Iones became Embracer's largest shareholders after Wingefors, with Karch joining the board.[42][43] The holding raised $164 million in April 2020 for future expansion and bought Deca Games as its sixth operative group for €25 million in August 2020.[44][45] In the same month, the Embracer Group announced the acquisitions of Palindrome Interactive, Rare Earth Games and Vermila Studios under Amplifier Game Invest, 4A Games and New World Interactive under Saber Interactive, Pow Wow Entertainment under THQ Nordic, and Sola Media under Koch Media's film division.[46] By November, the company had also purchased 34BigThings, Mad Head Games, Nimble Giant Entertainment, Sandbox Strategies, Snapshot Games and Zen Studios via Saber Interactive, A Thinking Ape Entertainment and IUGO Mobile Entertainment via Deca Games, Flying Wild Hog via Koch Media, Purple Lamp Studios via THQ Nordic, Silent Games via Amplifier Game Invest, as well as Quantic Lab directly.[47] According to Klemens Kreuzer, the chief executive officer of THQ Nordic, the large number of acquisitions represented a portfolio diversification that contrasted the reliance of larger publishers like Electronic Arts on a few keystone titles.[48]

Embracer Group announced three major acquisitions in February 2021: Gearbox Entertainment (including Gearbox Software) for $1.3 billion and Easybrain for $640 million as the seventh and eighth operative groups, as well as Aspyr (under Saber Interactive) for $450 million.[49][50][51] These acquisitions were completed by April 2021.[52] Embracer Group began issuing additional stock in March 2021 and raised another $890 million to further its acquisition strategies.[53] That year, the company also bought 3D Realms, Demiurge Studios, Fractured Byte, Slipgate Ironworks and SmartPhone Labs through Saber Interactive, Appeal Studios, Kaiko and Massive Miniteam through THQ Nordic, Frame Break through Amplifier Game Invest, CrazyLabs through Deca Games, Ghost Ship Games and Easy Trigger Games through Coffee Stain, DigixArt through Koch Media, as well as Grimfrost directly.[54][55][56] Asmodee, which principally distributed board games, became Embracer Group's ninth operative group for €2.75 billion in December 2021.[57] In the same month, Embracer Group announced its tenth operative group with the acquisition of Dark Horse Media, the parent company of Dark Horse Comics and Dark Horse Entertainment, and Gearbox Entertainment purchased Perfect World Entertainment, including Cryptic Studios, for $125 million.[58][59]

In May 2022, Square Enix and Embracer Group entered into an agreement for the latter to purchase Crystal Dynamics, Eidos-Montréal, and Square Enix Montreal, alongside intellectual properties like Tomb Raider, Deus Ex, Thief, and Legacy of Kain, for $300 million.[60][61] The acquisition was closed by August 2022 and the assets transferred to CDE Entertainment.[62][63] Square Enix Montréal was briefly rebranded as Onoma but closed in November 2022 in a cost reduction measure.[64][65] Additionally, Embracer Group created the Embracer Group Archive video game preservation effort in May and established its eleventh operative group, Freemode, from C77 Entertainment, Game Outlet Europe, Grimfrost, Quantic Lab, and the newly purchased Bitwave Games, Clear River Games, Gioteck, and Tatsujin.[66][67] The latter was subsequently expanded with the acquisitions of Limited Run Games, Singtrix, and Middle-earth Enterprises, which owns the media rights for The Lord of the Rings and The Hobbit.[68][69]

Debt and restructuring (2022–present)

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CEO Lars Wingefors rings the Nasdaq bell in 2025, amid mass layoffs for the group.

Savvy Gaming Group (later Savvy Games Group), a company wholly owned by Saudi Arabia's Public Investment Fund, invested about $1 billion into Embracer Group in June 2022, gaining an 8.1% stake.[70] Embracer Group transitioned from Nasdaq First North to Nasdaq Stockholm on 22 December 2022.[71] In May 2023, the company announced that a $2 billion investment deal, which had been verbally agreed on in October 2022, had unexpectedly failed to materialise as the investing partner walked away from the deal after protracted negotiations. Shortly following the announcement, the company's shares fell by 40%.[72] According to Axios, this partner was Savvy Games Group.[73] Matt Karch, the CEO of Saber Interactive, said that the $2 billion deal had initially began for additional funds from investment towards new games in the Turok and Jurassic Park series, but more options were added in to cover development efforts across the Embracer group, and that the deal had become too large as a single monolithic approach for the Savvy Gaming Group, leading to the deal falling through.[74]

Embracer Group consequently announced in June 2023 that it would immediately begin implementing a large-scale restructuring programme focused on cost reduction, comprising layoffs, studio closures and divestments, and project cancellations until March 2024.[75] The company closed the Gearbox studios Volition in August and Free Radical Design in December.[76][77][78] Other studios were subject to layoffs, including the THQ Nordic studio Campfire Cabal, which was effectively shut down according to Bruno-Christian Belibou.[79][80]

By November 2023, Embracer Group had laid off 904 employees, roughly 5% of its workforce, and cancelled at least fifteen projects. As such, the company had reduced its debt from $2 billion to $1.5 billion, though warned that further layoffs and studio closures were likely.[81] In February 2024, it was reported that Embracer Group was finalising the sales of Saber Interactive and Gearbox Entertainment.[82][83] The sale of Saber Interactive was announced in March 2024. Beacon Interactive, a company owned by Saber Interactive's co-founder Matthew Karch, bought Saber Interactive for $247 million alongside its satellite studios and the subsidiaries 3D Realms, Bytex, Digic Pictures, Fractured Byte, Mad Head Games, New World Interactive, Nimble Giant Entertainment, Sandbox Strategies, Slipgate Ironworks, SmartPhone Labs, and Stuntworks. 34BigThings, 4A Games, Aspyr, Beamdog, Demiurge Studios, Shiver Entertainment, Snapshot Games, Tripwire Interactive, Tuxedo Labs, and Zen Studios remained with Embracer Group, to be integrated with other operative groups, although Beacon Interactive received an option to acquire 4A Games and Zen Studios in the future, but this option was cancelled on September 13, 2024.[84][85] The divestiture also comprised 2,950 employees (21% of Embracer Group's workforce), including all staff in Russia.[86] According to Jason Schreier of Bloomberg News, Beacon Interactive plans to exercise its option for a combined purchase price of $500 million.[84][85]

In March 2024, Take-Two Interactive acquired Gearbox Entertainment, which was moved under the 2K label. After the sale closed, Gearbox Entertainment retained Gearbox Software, Gearbox Publishing, Gearbox Studio Montreal, Gearbox Studio Quebec, Gearbox Properties and the Borderlands, Homeworld, Risk of Rain, Brothers in Arms and Duke Nukem franchises, while Embracer Group retained Gearbox Publishing San Francisco (including Gearbox Shanghai), which was renamed Arc Games; Cryptic Studios; Lost Boys Interactive; and Captured Dimensions alongside several titles. Retained companies were integrated into other parts of Embracer Group.[87]

With the sale of Gearbox, Embracer CEO Lars Wingefors stated that the company restructuring was complete, and had no short term plans to restart mergers or acquisitions, instead focusing on "simply making better products and games" to improve cash flow.[88] From June 2023 to May 2024, the restructuring had led to the loss of 4532 employees, the closure of 44 studios, and cancellation of 80 in-development projects,[89] including a new Deus Ex,[90] TimeSplitters[91] and Red Faction games.[92] Despite these steps, the company still faced $1.5 billion in debt.[93]

In April 2024, Embracer Group announced that it would split up into three separate publicly traded companies on the Swedish stock market within the next two years.[94][95][96] "Fellowship Entertainment" (under the working name "Middle-earth Enterprises & Friends"), the legal successor to Embracer Group, will be used for the commercial rights to J.R.R. Tolkien’s work The Hobbit and The Lord of the Rings, as well as intellectual properties such as Kingdom Come: Deliverance, Metro, Dead Island, Killing Floor, Darksiders, Remnant and Tomb Raider, amongst more than 300 other game IPs, and consist of companies under the THQ Nordic, Plaion, CDE Entertainment, DECA Games, Dark Horse, and the Freemode umbrella, and other companies such as 4A Games and Aspyr, and will come into effect on 1 April 2026.[4] The Asmodee Group will be the publisher of board and card games from Asmodee and its studios, which came into effect on 7 February 2025.[97] "Coffee Stain Group" (under the working name "Coffee Stain & Friends") will focused on community driven experiences, and will include companies under the Coffee Stain group, Ghost Ship and Tuxedo Labs as well as certain studios from Amplifier Game Invest, all based in Scandinavia, which came into effect on 11 December 2025.[4] Wingefors will own all three companies under the new holding company Embracer AB and remain as the group CEO once the splits are complete.[4]

In May 2024, Nintendo announced their acquisition of Shiver Entertainment from Embracer, subject to closing conditions.[98][99] In June 2024, Embracer closed Alone in the Dark (2024) developer Pieces Interactive following the game's disappointing performance.[100] In July, it was reported that Piranha Bytes was quietly shuttered at the end of June.[101]

In November 2024, Embracer Group said that they had reduced their number of employees from 15,701 to 10,450.[102] That same month, they announced that they would divest Easybrain to Miniclip for a consideration of $1.2 billion, with the transaction close on January 22, 2025.[103] By the end of 2024, Embracer had reduced their number of employees to 7,873.[104]

In May 2025, Embracer Group announced that Amplifier Game Invest would be dissolved, "integrating successful and high-potential studios, including Tarsier Studios, into other operative groups within Embracer to support their continued growth, while underperforming games and studios with negative cash flow have been closed or divested".[105]

In June 2025, Embracer Group announced that CEO Lars Wingefors would resign from its position and would be replaced by Phil Rogers, formerly of Eidos Interactive and Square Enix, effective on August 2025. Rogers also serves as the CEO of both Plaion and Crystal Dynamics - Eidos at the time of the transition, and previously held the position as deputy CEO. Wingefors kept his board member position and later transitioned as the group's chairman.[106][1]

Subsidiaries

[edit]
See also: List of mergers and acquisitions by Embracer Group

As of December 2025, Embracer Group employs 6,800 employees in over 30 countries across 58 studios in 6 operative groups.[107]

Divested subsidiaries

[edit]
  • Coffee Stain (acquired in November 2018, spun off in December 2025)
    • A Creative Endeavor
    • Box Dragon
    • Coffee Stain Studios
      • Coffee Stain Gothenburg
      • Coffee Stain Malmö
      • Coffee Stain North
    • Coffee Stain Publishing
    • Easy Trigger Games
    • Frame Break
    • Ghost Ship Games
      • Ghost Ship Publishing
    • Invisible Walls
    • Iron Gate Studios (30%)
    • Kavalri Games
    • Lavapotion
    • Tuxedo Labs
    • Vaulted Sky Games (30%)
  • Former Amplifier Game Invest Studios:
    • C77 Entertainment (founded January 2020, moved to Freemode in August 2022, sold to Krafton in January 2024)
    • Fall Damage (acquired in 2019, sold to Fragbite Group in October 2023)
    • Goose Byte (founded December 2021, divested in August 2023)
    • Misc Games (53% stake, divested in October 2025) [108]
    • Neon Giant (28% stake, fully acquired April 2018, sold to Krafton in November 2022)
    • Rare Earth (acquired August 2020, divested in April 2024)
    • River End Games (founded January 2020, sold to Nordcurrent in November 2023) [109]
    • Silent Games (acquired November 2020, divested in July 2023)
    • Studio Hermitage (founded January 2023, divested in April 2025)
    • Vermila Studios (acquired August 2020, divested in 2023)
    • Zapper Games (founded December 2021, divested in March 2025)
  • Saber Interactive (acquired in February 2020, sold to Beacon Interactive in March 2024)
  • Gearbox Entertainment (acquired in 2021, sold to Take-Two Interactive in June 2024)
    • Gearbox Software
    • Gearbox Studio Montréal
    • Gearbox Studio Québec
    • Gearbox Studios
    • Gearbox Properties
  • Asmodee (acquired in December 2021, spun off in February 2025)
    • Access+
    • Aconyte
    • Atomic Mass Games
    • Bezzerwizzer Studio
    • Catan Studio
    • Days of Wonder
    • Edge Entertainment
    • Exploding Kittens
    • Fantasy Flight Games
    • Gamegenic
    • Libellud
    • Lookout Games
    • Mixlore
    • Plan B Games
    • Plaid Hat Games
    • Rebel Studio
    • Repos Production
    • Space Cow
    • Space Cowboys
    • The Green Board Game Co.
    • Twin Sails Interactive
    • Unexpected Games
    • VR Group
    • Z-Man Games
    • Zygomatic Games
  • Former THQ Nordic Studios:
    • Foxglove Studios (founded in 2016, divested in 2019)
    • Rainbow Studios (reestablished January 2013, divested in March 2024)
  • Former Plaion Studios:
  • Other Divested Studios:
    • Shiver Entertainment (acquired by Saber Interactive in December 2021, retained when Saber was sold, then sold to Nintendo in May 2024)
    • Easybrain (acquired in February 2021, sold to Miniclip in November 2024)
    • SpringboardVR (acquired in February 2021, sold to SynthesisVR in February 2025)
    • Arc Games (Acquired in December 2021, sold to management on November 2025)[110]
    • Cryptic Studios (Acquired in December 2021, sold to management on November 2025) [111]
    • Lost Boys Interactive (Acquired in June 2022, sold to management on December 2025) [112]

Closed subsidiaries

[edit]
  • Amplifier Game Invest (announced May 2025) [113]
    • Green Tile Digital (acquired December 2021, closed in September 2025)
    • Infinite Mana Games (founded August 2022, closed in February 2025)
    • Palindrome Interactive (acquired August 2020, closed in April 2025)
    • Plucky Bytes (founded November 2020, closed in 2023)
  • Former CDE Studios:
    • Square Enix Montréal (acquired August 2022, closed in November 2022)
    • Eidos-Sherbrooke (acquired August 2022, closed in June 2024)
  • Former THQ Nordic Studios:
    • Pieces Interactive (acquired by THQ Nordic in 2017, closed in June 2024)
    • Piranha Bytes (acquired by THQ Nordic in 2019, closed in June 2024)
    • Pow Wow Entertainment (acquired by THQ Nordic in August 2020, closed in June 2024)
    • Mirage Game Studios (founded by THQ Nordic in January 2017, closed in April 2025)
  • Former Deep Silver studios:
    • Volition (acquired by Deep Silver in January 2013, closed in August 2023)
    • Free Radical Design (reestablished by Deep Silver in May 2021, closed in December 2023)
  • Former DECA Games studios:
    • IUGO Mobile Entertainment (acquired by Deca Games in November 2020, closed in March 2025)
  • Former Asmodee studios:
    • Pearl Games (acquired by Asmodee in January 2015, closed in June 2024)

Merged subsidiaries

[edit]
  • Gaya Entertainment (merged into Plaion)
  • KSM Film (merged into Plaion Pictures)
  • Spotfilm Networx (merged into Plaion Pictures)
  • 18Point2 (merged into Plaion)
  • Jufeng Studio (merged into Deca Games)

References

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Further reading

[edit]
[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

Embracer Group

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from Grokipedia
Embracer Group AB is a Swedish video game and media headquartered in , , that develops, publishes, and distributes PC, console, mobile, and board games, along with related entertainment media such as and tabletop products. Founded by Lars Wingefors, the company originated from his early ventures selling second-hand and video games in the and has grown into a global entity with operations in over 30 countries, employing approximately 6,900 people (as of September 2025) across 69 internal game development studios and controlling more than 450 intellectual properties and franchises. The company's structure is organized into seven operative groups—THQ Nordic, PLAION, Coffee Stain, DECA Games, Dark Horse, Freemode, and /—which encompass a diverse portfolio of studios and brands focused on creative in gaming and . Key subsidiaries include prominent developers like (known for and ) and Media, a leading publisher of and graphic novels. Embracer emphasizes long-term value creation, sustainability, and the preservation of gaming heritage through initiatives like the Embracer Games Archive, which documents historical game assets and culture. In recent years, Embracer has pursued aggressive expansion through over 100 acquisitions since 2019, but faced challenges including a major deal collapse in 2023 that led to significant layoffs and studio closures, with over 7,000 employees laid off since 2023. To streamline operations, the company announced in April 2024 its intention to transform into three standalone publicly listed entities on Nasdaq Stockholm—focusing on core strategies in gaming, tabletop, and media—with Asmodee Group spun off and listed in February 2025, Coffee Stain Group set for listing by the end of 2025, and the remaining core gaming entity to rebrand as Fellowship Entertainment effective April 2026. Leadership transitioned in August 2025, with Lars Wingefors stepping down as CEO in favor of Phil Rogers to guide the restructured organization. Notable releases during this period include Kingdom Come: Deliverance II in February 2025, underscoring Embracer's continued output of high-profile titles amid its evolution.

History

Origins as Nordic Games (1990s–2011)

The origins of what would become Embracer Group trace back to the late 1990s, when Swedish entrepreneur Lars Wingefors founded Nordic Games on December 30, 1999, in Karlstad, Sweden, with an initial share capital of SEK 100,000 and 1,000 shares. At age 16, Wingefors established the company as a lean operation focused on publishing and distributing budget-priced video games in the Nordic markets, targeting niche segments with a modest business model. This early venture capitalized on the growing interest in PC and console titles, emphasizing affordable access to interactive entertainment in a region underserved by major international publishers. By the early 2000s, the original Nordic Games faced challenges amid industry turbulence, leading to its effective dissolution around 2004. Wingefors and associates re-established the company that year as Nordic Games AB, acquiring assets from a bankrupt entity to revive operations and pivot toward broader third-party publishing. The re-launched entity maintained a focus on the Nordic region while beginning to explore European distribution, starting with low-cost titles to build stable revenue streams. This period marked a shift from pure retail roots—stemming from Wingefors' teenage mail-order sales of used games and comics—to a publishing-centric model, though physical distribution remained integral. In 2008, Nordic Games underwent another re-establishment, forming Nordic Games Publishing AB as a dedicated under the parent Game Outlet AB, further solidifying its role in video game publishing. The company concentrated on budget and niche genres, such as and sports simulations, releasing titles like the series for , which debuted in November 2009 and achieved commercial success as a holiday hit in . These efforts exemplified the business model's emphasis on accessible, family-oriented games rather than high-end blockbusters, generating steady profits through third-party partnerships and localized content for Nordic audiences. The late 2000s saw initial steps toward expansion, with small-scale partnerships and the groundwork for acquisitions to secure intellectual properties and back catalogs. A pivotal move came in August , when Nordic Games acquired the brands, products, and select subsidiaries of the insolvent Entertainment and Company, relaunching them as publishing labels to bolster its portfolio with established and action titles. This transaction, one of the company's first major asset deals, provided access to IPs like Painkiller and enabled republishing of older games, setting a precedent for future growth while keeping operations decentralized and entrepreneurially driven. By the end of , these foundations had positioned Nordic Games for international ambitions, with early efforts complementing its physical focus.

International expansion (2011–2018)

In August 2011, Nordic Games Holding AB acquired the brands, products, selected staff, and subsidiaries of the insolvent Austrian publisher Entertainment and its subsidiary Company, marking the company's initial foray into broader European markets beyond its Swedish roots. This deal, valued at an undisclosed amount but focused on revitalizing back catalogs, enabled Nordic Games to relaunch and Company as publishing labels under its umbrella. The acquisition expanded the company's portfolio to include over 100 titles, such as the Painkiller series, and provided access to established distribution networks in German-speaking regions. The acquisition prompted the formation of Nordic Games GmbH in , , as the group's primary subsidiary, handling international releases and operations. This entity, established in late , served as an early operating group dedicated to , integrating JoWooD's assets to streamline global distribution and localization efforts. By consolidating these resources, Nordic Games began building a structured approach to international expansion, focusing on republishing legacy titles while laying groundwork for future development initiatives. In April 2013, amid Inc.'s proceedings, Nordic Games secured "substantially all" of 's remaining intellectual properties through a U.S. court auction, including the , , , and Destroy All Humans! franchises, along with over 150 stock-keeping units, for $4.9 million. This purchase significantly bolstered the company's development and publishing capabilities, allowing it to revive dormant IPs and plan sequels like enhancements, while establishing a foothold in the North American market. The deal exemplified Nordic Games' strategy of capitalizing on distressed assets from larger publishers' failures, driving revenue growth through cost-effective IP revivals rather than greenfield development. The 2013 THQ acquisition sparked early considerations for integrating the brand into Nordic Games' operations, as the company evaluated ways to leverage the familiar name for marketing acquired IPs. This led to the purchase of the and in June 2014 for an undisclosed sum, enabling future use as a imprint without immediate rebranding. Throughout 2014–2018, this approach continued with targeted buys of undervalued assets, such as the intellectual property from in November 2014 and several adventure game franchises (including The Moment of Silence and ) from the bankrupt German publisher DTP Entertainment in May 2014. A notable later milestone came in November 2018, when (the rebranded arm) acquired Coffee Stain Holding AB—including studios like (known for )—for 317 million SEK (approximately $34.9 million), enhancing its indie development presence and diversifying into . By the mid-2010s, these efforts culminated in the establishment of an initial corporate structure comprising dedicated operating groups: the core group under GmbH for global releases and IP management; development-focused units integrated from acquired studios like those handling sequels; and exploratory segments for models, aligned with emerging market trends in mobile and gaming. This framework emphasized , allowing Nordic Games to control , development, and distribution while minimizing reliance on external partners, and positioned it for sustained international growth through opportunistic, low-risk expansions.

Rebranding and rapid acquisitions (2019–2022)

In 2019, AB rebranded to Embracer Group AB to better reflect its role as an international embracing diverse gaming and entities, with the name change taking effect on the First North Growth Market on October 2. This followed the company's initial public listing in November 2016 under the name, which laid the foundation for subsequent expansion, though the most significant growth occurred after the rebrand. Embracer pursued an aggressive acquisition strategy from 2019 to 2022, completing over 50 deals that rapidly scaled its portfolio and positioned it as one of the largest conglomerates. Key transactions included the merger with The Gearbox Entertainment Company in February 2021, which added studios like and formed a dedicated operating group focused on action and role-playing titles. In March 2022, Embracer acquired the tabletop gaming giant Group, enhancing its presence in board games and licensed IPs. The pace intensified in 2022 with the $300 million purchase of studios Crystal Dynamics, Eidos-Montréal, and from in May, completed in August, bringing iconic franchises like under Embracer's umbrella. Later that August, Embracer acquired , securing global rights to and literary works, which were integrated into the newly formed Freemode operating group for multimedia exploitation. By mid-2022, these efforts had expanded Embracer to over 120 internal game development studios across multiple countries, up from a smaller base pre-rebrand, enabling a diverse pipeline of projects in video games, , and media. To manage this hyper-growth, the company restructured its subsidiaries into autonomous operating groups, such as Freemode for IP-driven entertainment, for gaming, Coffee Stain for indie development, and Gearbox for premium titles. This decentralized model allowed each group to operate independently while contributing to Embracer's overall strategy of fostering creativity and long-term IP value.

Financial crisis and restructuring (2022–2025)

In May 2023, Embracer Group announced the collapse of a major $2 billion investment deal with an unidentified partner, later revealed to be Saudi-backed Savvy Games Group, which had been anticipated to provide significant funding for further expansion. The abrupt termination led to an immediate 40% plunge in the company's stock price and exacerbated existing financial pressures from prior debt-financed acquisitions, leaving Embracer with approximately $1.5 billion in net debt. This setback marked the onset of a severe financial crisis, prompting the company to initiate a large-scale restructuring program to stabilize operations and reduce liabilities. The crisis triggered widespread layoffs across Embracer's studios, beginning in late 2022 with initial cuts and accelerating after the deal's collapse, ultimately resulting in approximately 8,000 job losses between 2023 and 2025—representing about half of the workforce at its peak of around 16,000 employees. By November 2023, over 900 staff had been laid off, equivalent to 5% of the workforce, with further reductions totaling 1,400 by early 2024 and exceeding 4,500 by mid-2024. In 2025 alone, the company reduced headcount by nearly 1,857 employees as part of ongoing cost-cutting measures. Notable examples include multiple rounds at , the studio behind the series, which conducted layoffs affecting 10 staff in September 2023, 17 in March 2025, an undisclosed number in August 2025, and 30 in November 2025. To address mounting debt and streamline operations, Embracer pursued extensive divestitures and closures from 2023 to 2024, divesting assets like in March 2024 to eliminate operations in and improve cash flow, while closing studios such as Volition (developers of ) and Free Jambon. The company also canceled over 80 projects during this period, including 29 unannounced titles between July and December 2023 alone, as part of a broader review of its 200+ game to prioritize viable developments. These actions significantly reduced net debt from SEK 16.1 billion ($1.48 billion) at the end of 2023 to SEK 3.2 billion ($296.6 million) by December 2024, though they came at the cost of substantial operational contraction. Leadership underwent a notable transition amid the restructuring, with co-founder and CEO Lars Wingefors stepping down on August 1, 2025, to assume the role of executive chair, focusing on mergers, acquisitions, and capital allocation. He was succeeded by deputy CEO Phil Rogers, formerly of Eidos-Montréal and , who was appointed to lead the company through its final transformation phases. The restructuring culminated in 2025 with a strategic split into three independent public entities to enhance focus and value creation. , the tabletop gaming division, was spun off and listed on on February 7, 2025, following a 1:1 share distribution to Embracer shareholders, accompanied by a €900 million financing agreement to support debt refinancing for the remaining group. In May 2025, Embracer announced plans to spin off Coffee Stain Group—a Scandinavia-based cluster including studios like , , and Tuxedo Labs—into a standalone publicly listed company by the end of the year, with a new board appointed in September to prepare for the separation. The residual business, encompassing operating groups like & Friends and Gearbox, was rebranded as Fellowship Entertainment (previously " & Friends"), positioning it as an active shareholder in the spun-off entities while continuing to develop high-profile IPs such as . This tripartite structure aimed to unlock independent growth trajectories, with Embracer AB serving as the interim until the Coffee Stain spin-off's completion.

Corporate structure

Operating groups

Embracer Group's operating groups structure originated in 2011 with the formation of Nordic Games Licensing AB, which initially focused on licensing and activities following the acquisition of assets from the bankrupt Inc., establishing as the company's first major operative unit. As the company grew through targeted acquisitions, it adopted a decentralized model of operative groups to foster entrepreneurial , allowing each group to manage its own development, , and intellectual property (IP) strategies while benefiting from shared group resources. This approach enabled rapid scaling, with the number of operative groups increasing from six in the 2019/2020 fiscal year to eight by 2021 and twelve by mid-2022. By , the operative groups had diversified into key pillars reflecting Embracer's broadened scope across gaming and media. These pillars exemplified the group's of organizing studios and operations into semi-independent units to drive innovation and market expansion. Following financial challenges in , Embracer initiated restructuring measures, including the divestiture of certain assets and a strategic realignment of its operative groups to enhance focus and sustainability. In 2024, the company announced plans to split into three standalone, publicly listed entities to streamline operations and reduce debt, with achieving independence through a share distribution and listing on by early 2025. Coffee Stain & Friends was designated for spin-off by the end of 2025, preserving its indie-focused autonomy. As of November 2025, prior to the planned spin-off of Coffee Stain Group in late 2025, Embracer's operations are planned to be rebranded as Fellowship Entertainment following the spin-off, encompassing operative groups such as , , Freemode, DECA Games, Dark Horse Media, Coffee Stain, and /. This structure maintains the decentralized model, empowering group leaders to oversee development pipelines, IP portfolios, and regional publishing with minimal central interference, while the overall entity prioritizes core video game and segments.

Current subsidiaries

As of November 2025, Embracer Group—planned to be rebranded as Fellowship Entertainment following the pending spin-off of its Coffee Stain operating group—oversees approximately 69 active internal game development studios and numerous publishing and media entities worldwide. These subsidiaries operate within structured groups such as THQ Nordic, PLAION, DECA Games, Dark Horse Media, Freemode, Coffee Stain, and the combined Crystal Dynamics-Eidos entity, contributing to a diverse portfolio spanning PC/console games, mobile titles, board games, and comics. Post-restructuring efforts that included closures and divestitures, the focus has shifted to high-impact franchises and integrated operations, with no major new acquisitions reported since early 2024. Key subsidiaries include prominent game development studios that drive major intellectual properties. , within , develops immersive first-person shooters like the Metro series, known for its post-apocalyptic settings and ray-tracing implementations in recent entries. Aspyr Media handles porting and publishing for platforms like and mobile, supporting titles from the group's catalog including Star Wars games. , also under , contributed to open-world zombie action in , leveraging for cooperative gameplay. In mobile gaming, DECA Games publishes titles like Love and Pies, focusing on match-3 and simulation genres with over 100 million downloads across its portfolio.
Operating GroupKey Subsidiaries/StudiosFocus Areas and Notable Contributions
PLAION4A Games, Dambuster Studios, Aspyr MediaAAA shooters (Metro), porting, action-adventure; supports multi-platform releases with emphasis on technical innovation.
Crystal Dynamics-EidosCrystal Dynamics, Eidos-MontréalAction-adventure and RPGs (Tomb Raider, Deus Ex); narrative depth and cinematic experiences in major franchises.
THQ NordicTHQ Nordic studios (e.g., Grimlore Games, Experiment 101)Retro-inspired and indie titles (Kingdom Come: Deliverance II upcoming); publishing for mid-tier PC/console games.
DECA GamesDECA Games studiosMobile free-to-play (puzzle, simulation); high-volume user acquisition with live-service models.
Dark Horse MediaDark Horse ComicsComic publishing and media adaptations; licenses IPs like Hellboy for transmedia expansion.
FreemodeFreemode development teamsIndie and experimental games; fosters smaller-scale projects within the broader ecosystem.
Coffee StainCoffee Stain StudiosIndie game development (Goat Simulator, Satisfactory); pending spin-off in late 2025.
These subsidiaries collectively support over 450 owned or controlled franchises, with a pipeline of more than 70 game releases planned through fiscal year 2025/26, prioritizing sustainable growth amid industry challenges.

Subsidiaries and changes

Divested subsidiaries

As part of its restructuring efforts following the collapse of a $2 billion investment deal in May 2023, Embracer Group divested several subsidiaries and assets between 2023 and 2025 to reduce its net debt, which stood at approximately SEK 16.1 billion ($1.5 billion) at the end of fiscal year 2023/24, and to refocus on core operations. These sales were driven by cost-cutting measures, including lowering capital expenditures and streamlining the portfolio amid a challenging economic environment in the gaming industry. Overall, divestitures in fiscal year 2024/25 generated total consideration of SEK 17.6 billion (approximately $1.6 billion), with net cash proceeds of SEK 16.8 billion, resulting in a post-tax gain of SEK 8.0 billion and significantly bolstering the balance sheet. A major wave of divestitures occurred in early 2024, centered on the sale of assets from the operating group to Beacon Interactive, a firm led by Saber's co-founder Matthew Karch, for $247 million (SEK 2.6 billion). This transaction, announced in March 2024, included 19 studios and over 3,000 employees, along with 38 ongoing game projects, and effectively ended Embracer's operations in due to geopolitical risks. The deal comprised $44 million in cash, $203 million in promissory notes (with an early payment of $168.4 million received in September 2024), and potential additional consideration of up to $94 million based on performance milestones. Financially, it reduced Embracer's net debt by SEK 2.1 billion upon full payment and involved the write-down of SEK 6.3 billion in goodwill and SEK 2.3 billion in project as of December 2023. Notable studios divested included , , , and Aspyr Media, while and remained with Embracer. In March 2024, Embracer sold Gearbox Entertainment, the developer of the Borderlands series, to Take-Two Interactive for a consideration of USD 460 million (SEK 4.9 billion), resulting in net proceeds of approximately SEK 3.2 billion after adjustments, paid in Take-Two shares, with the deal closing in June 2024. Originally acquired in 2021 for up to $1.3 billion (with $363 million upfront), the divestiture yielded net proceeds of approximately SEK 3.2 billion after adjustments and immediately improved Embracer's liquidity, reducing net debt by SEK 3.2 billion. This sale aligned with Embracer's strategy to divest non-core assets and prioritize high-return projects, contributing to a 27% decline in PC and console games net sales for fiscal year 2024/25 due to the loss of Gearbox's contributions. The largest single divestiture came in November 2024, when Embracer sold its mobile gaming subsidiary Easybrain to for $1.2 billion (SEK 12.9 billion) in cash on a debt-free basis, with the transaction closing on January 23, 2025. Acquired in 2021 for $765 million (including earn-outs), Easybrain, known for puzzle titles like "Sudoku.com," generated a net gain of SEK 8.6 billion for Embracer and was part of efforts to exit the mobile sector and reduce ongoing investments. The sale reduced mobile games net sales by 9% (SEK 5.4 billion) in 2024/25 but transformed Embracer's net debt position from SEK 13.2 billion to SEK 0.5 billion, enabling further focus on PC, console, and segments. Additional smaller divestitures in fiscal year 2024/25 included studios such as Digic, Mad Head, Shiver Entertainment, Zapper (part of Rare Earth Games), and Studio Hermitage, which collectively supported the overall debt alleviation strategy without individual financial breakdowns reported. These actions, combined with the spin-off of in February 2025, marked the culmination of Embracer's , lowering total liabilities to credit institutions from SEK 19.7 billion to SEK 1.7 billion and increasing EBITDA by SEK 12.8 billion through gains on sales.

Closed and merged subsidiaries

As part of its comprehensive restructuring program announced in June 2023, Embracer Group closed several subsidiaries to achieve cost savings and streamline operations, with closures accelerating in the latter half of the year. One prominent closure was Volition, the developer of the Saints Row series, which shut down in August 2023 following the commercial underperformance of the 2022 Saints Row reboot. The studio, acquired by Embracer in 2013, employed around 160 people at the time of closure, contributing to broader efforts to eliminate underperforming units. Other notable closures included Campfire Cabal in June 2023, a studio formed in 2022 to develop a new IP, and in December 2023, the creator revived by Embracer in 2021. These were among at least seven studios shuttered between July and December 2023, with additional closures bringing the total to over 10 by mid-2024. The restructuring also involved internal consolidations to enhance resource utilization and synergies across the group, such as integrating teams from smaller or struggling units into larger operational structures, though specific examples were not publicly detailed. These actions led to the cancellation of more than 80 unannounced projects by mid-2024, including 29 in the second half of 2023 alone, as Embracer prioritized higher-return initiatives. The studio closures were closely tied to the group's overall workforce reductions, which totaled around 7,800 jobs between 2023 and 2025, with many layoffs occurring at the affected sites.

Spun-off entities

In February 2025, Embracer Group completed the spin-off of Group AB, distributing shares to its shareholders and listing class B shares on commencing February 7. , acquired by Embracer in 2022, operates as a leading publisher and distributor of board games and tabletop gaming products, including popular titles such as , Dixit, and Ticket to Ride. The separation allowed to function independently while Embracer retained a significant minority stake through its holding structure. Embracer announced plans in May 2025 to spin off Coffee Stain Group as a standalone entity by the end of the year, with shares distributed to Embracer shareholders and listing on First North Premier Growth Market in . On November 16, 2025, Embracer announced its intention to list Coffee Stain Group with a pro-forma net cash position of SEK 500 million as of September 30, 2025. Coffee Stain Group encompasses over 250 developers and publishers focused on community-driven indie games, including studios like , , and Tuxedo Labs, known for titles such as , , and . Anton Westbergh serves as the group's CEO, emphasizing a culturally aligned approach to game development and publishing. Concurrently, the remaining core business of Embracer Group is to be rebranded as Fellowship Entertainment, effective from April 1, 2026, consolidating its operations around high-profile AAA intellectual properties and transmedia expansions. This entity, employing approximately 6,000 people across more than 30 countries, centers on game development, publishing, and IP licensing in areas like comics and film, with key franchises including The Lord of the Rings, Tomb Raider, Metro, and over 300 other gaming IPs. These spin-offs form part of Embracer's broader to create three independent publicly listed companies, aiming to reduce , enhance strategic focus, and enable tailored growth for each entity's core competencies—such as Asmodee's tabletop specialization, Coffee Stain's indie community model, and Fellowship's premium IP-driven portfolio.

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