Major changes are happening in the video game industry, as Take-Two Interactive is set to acquire Gearbox Entertainment from Embracer Group for $460 million in stock. The deal is expected to close by June 30. Take-Two will acquire three studios: Gearbox Software, Gearbox Montréal, and Gearbox Studio Quebec, along with popular franchises like Borderlands, Tiny Tina’s Wonderlands, Homeworld, Risk of Rain, Brothers in Arms, and Duke Nukem. Gearbox will operate under 2K, and founder Randy Pitchford will remain in charge.
Embracer will keep Gearbox Publishing San Francisco, now renamed, and will retain rights to the Remnant series, Hyper Light Breaker, and unannounced games, as well as other studios. Take-Two mentioned that Gearbox has six key projects in development, including sequels to Homeworld and Borderlands.
Embracer initially bought Gearbox for $363 million in 2021, and since then, Embracer has faced challenges, including layoffs and studio closures. In other industry news, Sega has sold Relic Entertainment to become an independent studio, and Sega Europe has cut around 240 jobs, contributing to a trend of video game industry layoffs this year. Creative Assembly and Hardlight Studios are said to be affected by these changes.
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