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- Embracer Group has announced plans to close studios, cancel games, and lay staff off just weeks after a $2 billion contract deal fell through.
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Apr 24, 2024 · Published on April 24, 2024. Follow Embracer Group. When Embracer CEO Lars Wingefors declared an end to the company's nine-month restructuring program at the start of this month, you would have...
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- Every Notable Embracer Group Acquisition
By Wesley Yin-Poole
Updated: Jun 13, 2023 2:43 pm
Posted: Jun 13, 2023 9:20 am
Embracer Group has announced plans to close studios, cancel games, and lay staff off just weeks after a $2 billion contract deal fell through.
In an open letter to the company’s 17,000 staff, CEO Lars Wingefors said Embracer will decrease spending across the board, reduce third-party publishing, and “put greater focus on internal IP and increase external funding of large-budget games”.
“This morning we announced a restructuring program across the Embracer Group that will make us a leaner, stronger and a more focused, self-sufficient company,” Wingefors said.
The partnership supposedly involved "many of the highest rated global advisories onboard with several hundred people engaged on both sides" and final paperwork was even finalised the night before the company's latest financial report was due out.
The day after, in a video call announcing the company’s financial report, a visibility shaken Wingefors struggled to explain the catastrophic impact the collapse of the deal would have on the company. Now, we are seeing that impact.
“Embracer currently engages close to 17,000 people and while that number will be lower by the end of the year, it is too early to give an exact forecast on this,” Wingefors said.
“It is painful to see talented team members leave. Our people are what make up the very fabric of Embracer. I understand and respect that many of you will be worried about your own position and I don’t have all the answers to all questions. I want to be clear that the decisions about this program were not taken lightly.”
"I want to be clear that the decisions about this program were not taken lightly."
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- Wesley Yin-Poole
Jun 14, 2023 · The sprawling Swedish video game company is restructuring after years of high profile acquisitions. By Jon Porter, a reporter with five years of experience covering consumer tech releases, EU tech...
- Jon Porter
Apr 22, 2024 · Image: Warner Bros. Swedish gaming conglomerate Embracer Group announced plans on Monday to split itself into three distinct games and entertainment companies: Asmodee Group, Coffee Stain &...
Apr 22, 2024 · Shares in Embracer plummeted in May 2023 after it slashed forecasts and said a mooted $2bn partnership deal had fallen through.
Aug 14, 2023 · Aug 14, 2023, 1:05 PM PDT. Illustration by Alex Castro / The Verge. Embracer Group was forced to halt its breakneck pace of acquisitions after a mysterious partner left a $2 billion deal intended...
Apr 2, 2024 · Embracer Group began its restructuring program in June 2023 following the collapse of a deal that would have been worth at least $2 billion. During that time, it has laid off more than 1,400...
