Take-Two Interactive has announced that it will complete the acquisition of The Gearbox Entertainment Company from Embracer Group in a deal worth USD 460 million.
Embracer Group released this information through their social media. If you’re interested in the state of the video game industry, you can check out our other articles here.
Take-Two Interactive Acquires Gearbox Entertainment from Embracer Group
Take-Two Interactive has announced that it will complete the acquisition of The Gearbox Entertainment Company from Embracer Group in a deal worth USD 460 million.
Under Take-Two Interactive, The Gearbox Entertainment Company will operate as a studio under the 2K label. In addition, they will be led by founder and CEO, Randy Pitchford, and his management team.
Gearbox Entertainment currently has 6 “major interactive entertainment projects” in various stages of development, including 5 sequels, two of which are from the Borderlands and Homeworld franchises, and at least 1 new IP.
After the sale closes, The Gearbox Entertainment Company will retain:
- Gearbox Software
- Gearbox Montréal
- IP Borderlands, Tiny Tina’s Wonderlands, Homeworld, Risk of Rain, Brothers in Arms, and Duke Nukem
- Gearbox Studio Quebec
Embracer Group will maintain:
- Gearbox Publishing San Francisco (to be renamed before closing, formerly Perfect World Entertainment)
- Cryptic Studios
- Lost Boy Interactive
- Captured Dimensions
- IP Remnant, Hyper Light Breaker, Neverwinter Online, and Star Trek Online
Companies retained by the Embracer Group will be integrated into other parts of the company in the coming period.
Below are official statements from the management of each company:
Our acquisition of Gearbox is an exciting moment for Take-Two and will strengthen our industry-leading creative talent and intellectual property portfolio, including the iconic Borderlands franchise.
This combination improves the financial profile of our existing projects with Gearbox and opens up opportunities for us to drive increased long-term growth by leveraging Take-Two’s full resources across Gearbox’s exciting initiatives.
Strauss Zelnick, Chairman and CEO of Take-Two IOnteractive
With a nearly 20-year history of cooperation, Gearbox has played an integral role in our success, given their unique ability to create interactive entertainment experiences featuring beloved characters, exciting new worlds, and humorous storytelling.
We are thrilled to welcome Randy Pitchford and his team of passionate and talented developers to 2K and we look forward to releasing many future projects as colleagues. We’ve enjoyed partnering with Gearbox on every iteration of the Borderlands franchise and are excited to be in active development on the next game.
David Ismailer, President of 2K
Joining Take-Two Interactive and 2K will help Gearbox go to the next level. Take-Two and 2K have repeatedly demonstrated their commitment to our engine for creativity, happiness and profit.
We set the standard for interactive entertainment and achieved amazing results with innovative and record-breaking games when we worked together as partners. I am very excited about what we can achieve now that we are fully aligned.
Randy Pitchford, Founder and CEO of The Gearbox Entertainment Company
