The Embracer Group held an investor call to confirm the end of its feared restructuring program. Now we know…
We have written a lot about the Embracer Group, one of the largest gaming conglomerates that has been closing, selling, and laying off studios for half a year. We could say it has been the biggest soap opera of the year, considering its duration and consequences (although never above Microsoft and Activision).
After the sales of Saber Interactive (to a new company founded by Saber’s CEO, Matthew Karch) and Gearbox Software (to Take-Two), the Embracer Group held an investor call to confirm the end of its feared restructuring program.
As you may remember, it all started when a “game-changing” licensing agreement worth 2 billion dollars (apparently with Savvy Games Group) failed at the last moment, causing the collapse of Embracer Group’s stocks and forcing the company into a restructuring program that led to the closure of several studios, widespread layoffs, and the mentioned sales.
End of the sale of studios… for now
In the meeting with investors that followed directly after the announcement of the Gearbox acquisition, CEO Lars Wingefors announced the end of the restructuring program and stated that there would be no more sales of internal assets.
“We are finishing the restructuring program now at the end of March, and the Gearbox restructuring process has been part of that program. Now we are being approached, I would say not every day, but weekly, by companies that want to acquire certain assets within the group. And I have made it very clear that they are not for sale because they are a very important part of the group and the group’s shareholders for the future,” explained Lars Wingefors.
That doesn’t mean Embracer is going to resume its previous habit of acquiring companies. Wingefors said it is too early to talk about it: “I think it’s too early to start talking about reigniting the engines of mergers and acquisitions.”
After firing thousands of workers and canceling games that were about to be released, it is appreciated that they don’t now boast about buying new studios. Out of respect for those who were laid off.
Author: Chema Carvajal Sarabia
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