cross-posted from: https://lemm.ee/post/31337043

BREAKING: Microsoft has closed Redfall's Arkane Austin, HiFi Rush's Tango Gameworks, and more in devastating cuts at Bethesda. | IGN

cross-posted from: https://lemm.ee/post/30066799

Embracer Group announces its intention to transform into three standalone publicly listed entities at Nasdaq Stockholm - Embracer Group

INSIDE INFORMATION: The Board of Directors of Embracer Group AB (“Embracer Group”) today announces a transformative step for value creation through a separation of the group into three market-leading games and entertainment companies: Asmodee Group, “Coffee Stain & Friends”[1] and “Middle-earth Enterprises & Friends”[1]. The three entities will be separate, publicly listed companies, enabling each entity to better focus on their respective core strategies and offer more differentiated and distinct equity stories for existing and new shareholders. This will enable the entities to unlock value in the high-quality assets of Embracer Group following the successful completion of the restructuring program.

The three separate publicly listed entities are expected to consist of:

• Asmodee, a global leading tabletop games publisher and distributor with an extensive studio network and IP catalogue.
• Net Sales of SEK 14.8 billion and Adjusted EBIT of SEK 1.9 billion on a pro forma basis as per LTM[2] December 2023
• “Coffee Stain & Friends”, a diverse gaming entity with a dual focus on indie and A/AA premium and free-to-play games for PC/console and mobile, with a high degree of recurring revenues.
• Net Sales of SEK 10.9 billion, Adjusted EBIT of SEK 2.8 billion on a pro forma basis as per LTM December 2023.
• “Middle-earth Enterprises & Friends”, a creative powerhouse in AAA game development and publishing for PC and console, as well as the stewards of The Lord of the Rings and Tomb Raider intellectual properties, among many others.

cross-posted from: https://lemm.ee/post/21215405

CI Games has laid off 10% of its workforce across the entire company, GamesIndustry.biz has learned.

Sources pointed us towards affected staff posting on LinkedIn claiming the majority of the marketing team has been made redundant. GamesIndustry.biz was told that Lords of the Fallen developer Hexworks and Sniper Ghost Warrior studio Underdog had also been affected.

When asked from confirmation, CI Games responded with the following statement from CEO Marek Tymiński.

"To preserve business strength and stability, CI Games has made the tough but necessary decision to implement a targeted round of redundancies, affecting approximately 10% of employees across the company.

"We would like to thank each of them for the part they’ve played during their time with us. Further business optimisations are being made to the organisation's pipelines and processes."

Last year, the company revealed that 2023's Lords of the Fallen was its most expensive project to date with total costs of PLN 281 million ($66.2 million).

The game sold more than one million copies within ten days. By comparison, the original 2014 title took seven months to sell 900,000 units.

CI Games has laid off 10% of its workforce across the entire company, GamesIndustry.biz has learned.

Sources pointed us towards affected staff posting on LinkedIn claiming the majority of the marketing team has been made redundant. GamesIndustry.biz was told that Lords of the Fallen developer Hexworks and Sniper Ghost Warrior studio Underdog had also been affected.

When asked from confirmation, CI Games responded with the following statement from CEO Marek Tymiński.

"To preserve business strength and stability, CI Games has made the tough but necessary decision to implement a targeted round of redundancies, affecting approximately 10% of employees across the company.

"We would like to thank each of them for the part they’ve played during their time with us. Further business optimisations are being made to the organisation's pipelines and processes."

Last year, the company revealed that 2023's Lords of the Fallen was its most expensive project to date with total costs of PLN 281 million ($66.2 million).

The game sold more than one million copies within ten days. By comparison, the original 2014 title took seven months to sell 900,000 units.