The ambitions may be similar, but the approach differs. There is not one way to do business, but some business models are more similar than others. Tripwire - Killing Floor, Maneater, Red Orchestra.Warhorse Studios - Kingdom Come: Deliverence.Special (also owns Limited Run Games, Quantic Lab, and Bitwave Games) Freemode - publishers of games like Wunderling, Zero Wing, and Snow Bros.Dark Horse - publisher of The Mask, Timecop, Father’s Day, Hellboy, as well as other comics based on IPs such as Stranger Things, Star Wars, and The Legend of Zelda.Crystal Dynamics / Eidos-Montréal - Tomb Raider, Deus Ex, Thief.PLAION (Deep Silver, Flying Wild Hog Studios, Dambuster Studios, Prime Matter, etc.) - Dead Island, Evil West, Shadow Warrior.Middle-earth Enterprises - Lord of the Rings (video games, films, merchandise).

“Middle-earth Enterprises & Friends” consists of: Amplifier Game Invest - Dice Legacy, Fishing North Atlantic, First Class Trouble, Lightyear Frontier.THQ Nordic (Piranha Bytes, Purple Lamp, Bugbear Entertainment, Gunfire Games, etc.) - Elex, Darksiders, Remnant, Wreckfest, Destroy All Humans, SpongeBob games, MX vs.Coffee Stain - Satisfactory, Goat Simulator, Valheim (part-owned by developer Iron Gate).“Coffee Stain & Friends” includes the following companies and IPs: At the time, it assumed that this move could help “create higher shareholder value and improve our strategic flexibility.” What games and studios will each entity operate? It is worth noting that the board first thought about spinning off some of Embracer’s operative groups into separate publicly listed companies in November 2022. The board of directors believes that this move will create simplified equity stories and attract a larger pool of investors, with each entity being able to fully control its own financial targets and capital allocation. All three entities will be headquarted in Karlstad, Sweden. Embracer chief strategy officer and Crystal Dynamics/Eidos CEO Phil Rogers will take over Middle-earth Enterprises & Friends.Īsmodee is expected to be listed on the stock exchange within 12 months, and Coffee Stain & Friends shares will be distributed during CY 2025.Coffee Stain CEO Anton Westbergh will take over Coffee Stain & Friends.Stéphane Carville will remain the CEO of Asmodee Group.Wingefors will remain an active owner of all three entities, but each of them will have their own leadership: “This move towards three independent companies reinforces Embracer’s vision of backing entrepreneurs and creators with a long-term mindset, allowing them to continue to deliver unforgettable experiences for gamers and fans across the globe,” Embracer co-founder and CEO Lars Wingefors said in a statement. Middle-earth Enterprises & Friends will remain within Embracer Group, which will be renamed. Shares of Asmodee Group and Coffee Stain & Friends will be distributed as a dividend to Embracer shareholders and listed on Nasdaq Stockholm. Middle-earth Enterprises & Friends - AAA developer/publisher and the owner of IP rights for The Lord of the Rings and Tomb Raider.Coffee Stain & Friends - game publisher/developer focused on A/AA titles for PC, console, and mobile.Asmodee Group - tabletop game publisher that owns 23 studios and over 300 IPs.As explained on its official website, the current structure of Embracer Group “does not create optimal conditions for future value creation both for Embracer Group’s shareholders and other stakeholders.”įollowing the split, each of the three entities will become a separate, publicly listed company with a focus on their core strategies and areas of expertise:

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