{{Short description|Swedish video game and media holding company}} {{Use British English|date=March 2024}} {{Use dmy dates|date=May 2024}} {{Infobox company | name = Embracer Group AB | logo = Embracer Group logo.svg | logo_class = logo-nobg | logo_caption = Logo in use since September 2019 | former_name = {{Unbulleted list|Nordic Games Licensing AB {{nowrap|(2011–2016)}}|THQ Nordic AB {{nowrap|(2016–2019)}}}} | type = Public | traded_as = {{OMX|SSE128651|EMBRAC B}} | ISIN = {{ISIN|sl=n|pl=y|SE0013121589}} | industry = Video games | founded = {{Start date and age|df=yes|2011}} | founder = Lars Wingefors | hq_location_city = Karlstad | hq_location_country = Sweden | key_people = {{Unbulleted list|class=nowrap|Lars Wingefors (chairman)<ref name="Embracer: Board and Management" />|Phil Rogers (CEO)<ref name="Embracer: Senior Executives" />|Müge Bouillon (CFO)<ref name="Embracer: Senior Executives" />}} | revenue = {{increase}} {{SEK|42.780 billion}}<ref name="Embracer: Q2 Interim Report FY 2024/2025" /> | revenue_year = 2024 | operating_income = {{decrease}} {{SEK| -20.519 billion}}<ref name="Embracer: Q2 Interim Report FY 2024/2025" /> | income_year = 2024 | net_income = {{decrease}} {{SEK| -18.177 billion}}<ref name="Embracer: Q2 Interim Report FY 2024/2025" /> | net_income_year = 2024 | assets = {{decrease}} {{SEK|85.694 billion}}<ref name="Embracer: Q2 Interim Report FY 2024/2025" /> | assets_year = 2024 | equity = {{decrease}} {{SEK|48.939 billion}}<ref name="Embracer: Q2 Interim Report FY 2024/2025" /> | equity_year = 2024 | num_employees = 6,090 | num_employees_year = 2026 | parent = Nordic Games Group {{nowrap|(2011–2016)}} | subsid = See {{section link||Subsidiaries}} | website = {{official url}} }}
'''Embracer Group AB''' (formerly '''Nordic Games Licensing AB''' and '''THQ Nordic AB''') is a Swedish video game and media holding company based in Karlstad. The company comprises six operative groups: CDE Entertainment, Dark Horse Media, Deca Games, Freemode, Plaion and THQ Nordic.
Embracer Group was established as Nordic Games Licensing within Nordic Games Group in 2011. The latter had previously purchased assets from the bankrupt publisher JoWooD and established Nordic Games GmbH (a subsidiary of Nordic Games Licensing) to manage them. Nordic Games Licensing continued to purchase intellectual property from defunct publishers, notably several THQ products in 2013, followed by the "THQ" trademark in 2014. In August 2016, Nordic Games Licensing and Nordic Games GmbH changed their names to THQ Nordic. The parent company became a public company in 2016 and changed its name to Embracer Group in 2019. Until 2023, Embracer Group rapidly grew through major acquisitions and investments. After a {{USD|2 billion}} investment unexpectedly fell through, the company was more than {{US$|2 billion|long=no}} in debt and began closing and selling multiple studios and while laying off people at others.
On 22 April 2024, Embracer Group announced its intention to transform into three standalone publicly listed entities on Nasdaq Stockholm within the next two years: a board game segment under the Asmodee group, an indie games segment under Coffee Stain Group, and a segment to manage its library of licensed intellectual properties including that of Tolkien's Middle-earth under Fellowship Entertainment,<ref name="May 2025">{{cite web |last=Romano |first=Sal |date=22 May 2025 |url=https://www.gematsu.com/2025/05/embracer-group-to-spin-off-coffee-stain-group-remaining-business-to-be-renamed-fellowship-entertainment |title=Embracer Group to spin off Coffee Stain Group; remaining business to be renamed Fellowship Entertainment |website=Gematsu |accessdate=22 May 2025}}</ref> all three entities will be under the new holding company Embracer AB.<ref>{{Cite web |last=MarketScreener |date=22 April 2024 |title=Invitation to presentation of Embracer Group's intention to transform into three standalone publicly listed entities at Nasdaq Stockholm - MarketScreener |url=https://www.marketscreener.com/quote/stock/EMBRACER-GROUP-AB-61747448/news/Invitation-to-presentation-of-Embracer-Group-s-intention-to-transform-into-three-standalone-publicly-46488261/ |access-date=22 April 2024 |website=www.marketscreener.com |language=en}}</ref>
== History ==
=== The original Nordic Games as video game retailer (1990s–2004) === The Swedish entrepreneur Lars Wingefors (born 1977<ref>{{cite web |title=Board of Directors & Committees |url=https://embracer.com/governance/board-of-directors/ |website=Embracer Group}}</ref>) started several sales businesses during his teenage years, including the second-hand comic book seller LW Comics at age 13, which made close to {{SEK|300,000|link=yes}} annually.<ref name="Entreprenör: Wingefors" /><ref name="Swedish Enterprise: Wingefors" /> At age 16, Wingefors founded Nordic Games to sell used video games by mail order;<ref name=":0">{{Cite news |title=Leveling up: Embracer’s acquisition spree takes it to top of European games business |url=https://www.reuters.com/technology/leveling-up-embracers-acquisition-spree-takes-it-top-european-games-business-2021-04-23/ |archive-url=http://web.archive.org/web/20220823110019/https://www.reuters.com/technology/leveling-up-embracers-acquisition-spree-takes-it-top-european-games-business-2021-04-23/ |archive-date=2022-08-23 |access-date=2025-12-26 |work=Reuters |language=en-US}}</ref> which generated {{SEK|5 million}} in revenue in this first year. With growing income post 1994, Nordic Games was turned into a retail chain and opened seven locations across Sweden.<ref name="Entreprenör: Wingefors" /> In 1998, the company acquired Spel- & Tele shopen, a store in Linköping that Pelle Lundborg had opened at age 16 in 1994.<ref name="Dagens industri: We Sing" /><ref>{{Cite web |last=Lillo |first=Ignacio |date=2025-08-22 |title=Pelle Lundborg: 'Our avocados from Carratraca are delivered directly to the Royal House of Sweden' |url=https://www.surinenglish.com/lifestyle/people/pelle-lundborg-our-avocados-from-carratraca-are-20250821122501-nt.html |access-date=2025-12-26 |website=Sur in English |language=en}}</ref>
Towards the end of the 1990s, Nordic Games was suffering from a poor corporate structure. Although Wingefors was asked to either seek new partners or bring in venture capital, he opted to sell the company to Gameplay Stockholm, the Swedish subsidiary of Europe-wide retailer Gameplay.com. In March 2000 for stock valued at {{GBP|5.96 million}}, with Wingefors becoming part of the European management.<ref name="Entreprenör: Wingefors" /><ref name="The Guardian: Gameplay.com" /><ref name=":0" /> Under Gameplay.com, Nordic Games failed to generate much revenue. It tried to establish mobile game, digital distribution and cable TV box businesses, all of which did not gain traction.<ref name="Entreprenör: Wingefors" /> When the dot-com bubble burst, Gameplay.com faced financial issues, and Nordic Games was sold back to Wingefors in May 2001 for a symbolic sum of {{SEK|1}}.<ref name="Entreprenör: Wingefors" /><ref name="NYTimes: Gameplay.com" /><ref name="The Register: Gameplay.com" /> Wingefors brought in venture capitalists and reformed the company to only sell newly released games, but the company faced strong competition and finally filed for bankruptcy in 2004.<ref name="Entreprenör: Wingefors" />
=== The new Nordic Games as video game publisher (2004–2011) === Wingefors invested the money he had left into a new limited company and, together with potential customers acting as investors, reformed Nordic Games under the name Game Outlet Europe.<ref name="Entreprenör: Wingefors" /> The new company saw success with purchasing unsold inventory from larger video game companies (such as Electronic Arts), repackaging them on pallets in its Karlstad headquarters, and selling them on the international market and through other retail chains, including Jula, Coop, and ICA.<ref name="Entreprenör: Wingefors" /><ref name="Swedish Enterprise: Wingefors" /> In December 2008, Nordic Games Publishing was established as the video game publishing subsidiary of Game Outlet Europe.<ref name="Dagens industri: We Sing" /> The subsidiary started out with seven people, including primary shareholder Wingefors, based in Karlstad, and chief executive officer Lundborg, who had since moved to Málaga with his wife.<ref name="Dagens industri: We Sing" /><ref name="GIbiz: People of the Year 2018" /> Nik Blower in London was added to the management team in February 2010.<ref name="Dagens industri: We Sing" /><ref name="Nordic Games: Blower" />
The idea behind Nordic Games Publishing was to invest in the development of games that would fill gaps in the video game market. Wingefors and Lundborg had noticed that the line-up of games for Nintendo platforms was lacking karaoke games similar to ''SingStar'', which was exclusive to PlayStation consoles.<ref name="Dagens industri: We Sing" /> Based on 100-page requirement documents from Nintendo, which included that the game's microphones should be produced by Logitech, and four months of research at a karaoke bar in Watford, England, Nordic Games Publishing assembled a song list for a prospective game and started producing what would later become ''We Sing''.<ref name="Dagens industri: We Sing" /> Around this time, Nordic Games Publishing also released ''Dance Party Club Hits'', a dance game that came bundled with a dancing mat.<ref name="Dagens industri: We Sing" /> In 2009, Nordic Games Publishing had a turnover of {{SEK|50 million}}, of which 75% were accounted for by sales of ''We Sing''.<ref name="Dagens industri: We Sing" /> For 2010, the company projected a turnover of {{SEK|200 million}}, while at the same time, Lundborg was looking for new investors to make the company independent of Game Outlet Europe.<ref name="Dagens industri: We Sing" /> By March 2011, Nordic Games Holding had been established as a holding company, with Game Outlet Europe and Nordic Games Publishing aligned as its subsidiaries.<ref name="Entreprenör: Wingefors" />
=== Nordic Games as holding for acquisitions and expansion (2011–2018) === thumb|right|Former logo of THQ Nordic AB (2016–2019) In June 2011, Nordic Games Holding acquired the assets of the insolvent publisher JoWooD and its subsidiaries.<ref name="GIbiz: JoWooD" /><ref name="GameSpot: JoWooD" /> The acquired assets were transferred to Nordic Games GmbH, a newly established subsidiary office in Vienna, Austria.<ref name="Gamasutra: JoWooD" /> Several former JoWooD employees were hired by Nordic Games GmbH to work on the backlog sales of former JoWooD properties, and Nordic Games Publishing was integrated into Nordic Games GmbH to facilitate publishing operations.<ref name="Noridc Games Group: History" /> Nordic Games Licensing AB, also established in 2011, became the holding company within Nordic Games Holding (later known as Nordic Games Group), as well as the parent company of Nordic Games GmbH.<ref name="Polygon: Who is Nordic Games" /><ref name="Embracer: Annual Report 2016" /> Nordic Games acquired the Scandinavian business of retailer Game in May 2012.<ref>{{Cite web |last=Pototzki |first=Tim |date=2012-05-31 |title=Nordic Games übernimmt skandinavisches GAME-Geschäft |url=https://www.gamesmarket.global/nordic-games-uebernimmt-skandinavisches-game-geschaeft-40e471aa2dd460553a5c2efede9947ed/ |access-date=2025-12-27 |website=GamesMarket |language=en}}</ref> In April 2013, Nordic Games Licensing bought several assets of the bankrupt publisher THQ to be managed by Nordic Games GmbH.<ref name="Polygon: Who is Nordic Games" /> It obtained the "THQ" trademark in June 2014, intending to use the name as a publishing label for its THQ properties.<ref name="Polygon: THQ Nordic name" /> Subsequently, in August 2016, the company changed its name to THQ Nordic, while Nordic Games GmbH became THQ Nordic GmbH.<ref name="Polygon: THQ Nordic name" /><ref name="Embracer: Interim Report 2016" /> According to Wingefors and THQ Nordic GmbH's Reinhard Pollice, the name change was undergone to capitalise on the good reputation of THQ's past, although they avoided naming the companies just "THQ" to avoid connections to the bankrupt publisher's more recent troubled history.<ref name="Polygon: THQ Nordic name" />
THQ Nordic undertook its initial public offering on 22 November 2016 and became a public company listed on the Nasdaq First North stock exchange, being valuated at {{SEK|1.9 billion}}, while Wingefors retained a 50% ownership in the company.<ref name="Tech.eu: IPO" /> In February 2018, THQ Nordic acquired the Austrian multimedia company Koch Media, which operated the Deep Silver video game label, for {{Euro|121 million}}.<ref name="GamesWirtschaft: Koch Media" /> Koch Media was set to operate independently under THQ Nordic, separate from THQ Nordic GmbH.<ref name="GamesWirtschaft: Koch Media" /> To better reflect its holding function and to avoid confusion between THQ Nordic and its Viennese office, THQ Nordic stated that it planned to rename itself in the future.<ref name="GamesWirtschaft: Koch Media" /> In June 2018, the company issued 7.7 million new Class B shares to raise {{US$|168 million}} for future acquisitions.<ref name="Gamasutra: June 2018 capital" /> The company bought the Coffee Stain group, including houses developer Coffee Stain Studios, for {{SEK|317 million}} in cash.<ref name="Gematsu: Coffee Stain" /> Coffee Stain became THQ Nordic's "third leg", operating independently like Koch Media.<ref name="Gematsu: Coffee Stain" /> Through the two acquisitions and continued sales from THQ Nordic GmbH, THQ Nordic's net sales rose by 713%, to {{US$|447.6 million|long=no}}, in its 2018 fiscal year.<ref name="GIbiz: 713 percent" /> In December 2018, ''GamesIndustry.biz'' named Wingefors as one of their People of the Year.<ref name="GIbiz: People of the Year 2018" />
===Holding rebranded as Embracer Group and rapid growth (2019–2022)=== In February 2019, THQ Nordic issued 11 million new Class B shares and raised {{SEK|2.09 billion}}.<ref name="GIbiz: February 2019 capital" /> At the end of its first fiscal quarter of 2019, THQ Nordic bought Game Outlet Europe for {{SEK|10 million}} from Nordic Games Group, which was still majority-owned by Wingefors.<ref name="Embracer: Interim Report 2019" /> THQ Nordic then bought the investment arm of Goodbye Kansas, Goodbye Kansas Game Invest (GKGI), and its investments in five startup developers—Palindrome Interactive, Fall Damage, Neon Giant, Kavalri Games and Framebunker—for {{SEK|42.4 million}}.<ref name="GIbiz: GKGI" /><ref name="Embracer: GKGI" /> GKGI was later rebranded Amplifier Game Invest to reflect its new ownership.<ref name="GIbiz: Amplifier name" />
To avoid further confusion with THQ Nordic GmbH and clarify its position as a holding company, THQ Nordic assumed the name "Embracer Group" at its annual general meeting on 17 September 2019, while the branch in Vienna retained its name.<ref name="Gematsu: New holding name" /><ref name="Embracer: Embracer name" /> In the following months, Embracer made several acquisitions and openings: Amplifier Game Invest bought Tarsier Studios for {{SEK|99 million}}. in December 2019 and opened River End Games and C77 Entertainment in January 2020.<ref name="GIbiz: Tarsier Studios" /><ref name="GIbiz: River End Games" /><ref name="GIbiz: C77 Entertainment" /> Embracer Group acquired Saber Interactive and its five satellite studios in February 2020 for a {{USD|525 million|long=no}} to establish its fifth operative group.<ref name="GIbiz: Saber" /> Saber co-founders Matthew Karch and Andrey Iones became Embracer's largest shareholders after Wingefors, with Karch joining the board.<ref>{{Cite news |last=Blake |first=Vikki |date=2020-02-19 |title=Embracer Group acquires Saber Interactive |url=https://mcvuk.com/business-news/embracer-group-acquires-saber-interactive/ |access-date=2026-01-01 |work=MCV |language=en |issn=1469-4832}}</ref><ref>{{Cite web |last=Seibold |first=Nadine |date=2020-05-20 |title=Matthew Karch tritt Board of Directors der Embracer Group bei |url=https://www.gamesmarket.global/matthew-karch-tritt-board-of-directors-der-embracer-group-bei-8a52d64ad994aca1dbab82681dec7e43/ |access-date=2026-01-01 |website=GamesMarket |language=en}}</ref> The holding raised {{US$|164 million|long=no}} in April 2020 for future expansion and bought Deca Games as its sixth operative group for {{Euro|25 million}} in August 2020.<ref name="GIbiz: April 2020 capital" /><ref name="Embracer: Deca Games" /> In the same month, the Embracer Group announced the acquisitions of Palindrome Interactive, Rare Earth Games and Vermila Studios under Amplifier Game Invest, 4A Games and New World Interactive under Saber Interactive, Pow Wow Entertainment under THQ Nordic, and Sola Media under Koch Media's film division.<ref name="Gamasutra: August 2020 acquisitions" /> By November, the company had also purchased 34BigThings, Mad Head Games, Nimble Giant Entertainment, Sandbox Strategies, Snapshot Games and Zen Studios via Saber Interactive, A Thinking Ape Entertainment and IUGO Mobile Entertainment via Deca Games, Flying Wild Hog via Koch Media, Purple Lamp Studios via THQ Nordic, Silent Games via Amplifier Game Invest, as well as Quantic Lab directly.<ref name="Gematsu: November 2020 acquisitions" /> According to Klemens Kreuzer, the chief executive officer of THQ Nordic, the large number of acquisitions represented a portfolio diversification that contrasted the reliance of larger publishers like Electronic Arts on a few keystone titles.<ref name="VentureBeat: Acquisition binge" />
Embracer Group announced three major acquisitions in February 2021: Gearbox Entertainment (including Gearbox Software) for {{US$|1.3 billion|long=no}} and Easybrain for {{US$|640 million|long=no}} as the seventh and eighth operative groups, as well as Aspyr (under Saber Interactive) for {{US$|450 million|long=no}}.<ref name="VentureBeat: Gearbox" /><ref name="VentureBeat: Easybrain" /><ref name="VentureBeat: Aspyr" /> These acquisitions were completed by April 2021.<ref name="Gematsu: Gearbox complete" /> Embracer Group began issuing additional stock in March 2021 and raised another {{USD|890 million|long=no}} to further its acquisition strategies.<ref name="GIbiz: April 2021 capital" /> That year, the company also bought 3D Realms, Demiurge Studios, Fractured Byte, Slipgate Ironworks and SmartPhone Labs through Saber Interactive, Appeal Studios, Kaiko and Massive Miniteam through THQ Nordic, Frame Break through Amplifier Game Invest, CrazyLabs through Deca Games, Ghost Ship Games and Easy Trigger Games through Coffee Stain, DigixArt through Koch Media, as well as Grimfrost directly.<ref name="Embracer: May 2021 acquisitions" /><ref name="Gamasutra: August 2021 acquisitions" /><ref name="Gematsu: August 2021 acquisitions" /> Asmodee, which principally distributed board games, became Embracer Group's ninth operative group for {{Euro|2.75 billion}} in December 2021.<ref name="GIbiz: Asmodee" /> In the same month, Embracer Group announced its tenth operative group with the acquisition of Dark Horse Media, the parent company of Dark Horse Comics and Dark Horse Entertainment, and Gearbox Entertainment purchased Perfect World Entertainment, including Cryptic Studios, for {{US$|125 million|long=no}}.<ref name="GIbiz: Dark Horse" /><ref name="GIbiz: Perfect World" />
In May 2022, Square Enix and Embracer Group entered into an agreement for the latter to purchase Crystal Dynamics, Eidos-Montréal, and Square Enix Montreal, alongside intellectual properties like ''Tomb Raider,'' ''Deus Ex,'' ''Thief,'' and ''Legacy of Kain'', for {{USD|300 million|long=no}}.<ref name="IGN: Eidos" /><ref name="Embracer: Eidos" /> The acquisition was closed by August 2022 and the assets transferred to CDE Entertainment.<ref name="Eurogamer: Eidos complete" /><ref name="Embracer: December 2022 shares" /> Square Enix Montréal was briefly rebranded as Onoma but closed in November 2022 in a cost reduction measure.<ref name="Bloomberg: Onoma closed" /><ref name="GIbiz: Onoma closed" /> Additionally, Embracer Group created the Embracer Group Archive video game preservation effort in May and established its eleventh operative group, Freemode, from C77 Entertainment, Game Outlet Europe, Grimfrost, Quantic Lab, and the newly purchased Bitwave Games, Clear River Games, Gioteck, and Tatsujin.<ref name="PC Gamer: Archive" /><ref name="Embracer: Freemode" /> The latter was subsequently expanded with the acquisitions of Limited Run Games, Singtrix, and Middle-earth Enterprises, which owns the media rights for ''The Lord of the Rings'' and ''The Hobbit''.<ref name="PC Gamer: Freemode" /><ref name="Windows Central: Freemode" />
===Debt and restructuring (2022–present)=== [[File:Lars Wingefors ringing Nasdaq bell Almedalen 2025.jpg|thumb|CEO Lars Wingefors rings the Nasdaq bell in 2025, amid mass layoffs for the group.]] Savvy Gaming Group (later Savvy Games Group), a company wholly owned by Saudi Arabia's Public Investment Fund, invested about {{USD|1 billion|long=no}} into Embracer Group in June 2022, gaining an 8.1% stake.<ref name="GIbiz: Saudi Arabia investment" /> Embracer Group transitioned from Nasdaq First North to Nasdaq Stockholm on 22 December 2022.<ref name="GIbiz: Nasdaq Stockholm" /> In May 2023, the company announced that a {{US$|2 billion|long=no}} investment deal, which had been verbally agreed on in October 2022, had unexpectedly failed to materialise as the investing partner walked away from the deal after protracted negotiations. Shortly following the announcement, the company's shares fell by 40%.<ref name="Axios: Failed deal" /> According to ''Axios'', this partner was Savvy Games Group.<ref name="Axios: Saudi Arabia report" /> Matt Karch, the CEO of Saber Interactive, said that the $2 billion deal had initially began for additional funds from investment towards new games in the ''Turok'' and ''Jurassic Park'' series, but more options were added in to cover development efforts across the Embracer group, and that the deal had become too large as a single monolithic approach for the Savvy Gaming Group, leading to the deal falling through.<ref>{{cite web | url = https://www.pcgamesinsider.biz/news/75047/heres-why-that-embracer-saudi-deal-fell-through/ | title = Here's why that Embracer Saudi deal fell through | first = Alex | last = Calvin | date = March 18, 2025 | accessdate = March 22, 2025 | work = PC Games Insider }}</ref>
Embracer Group consequently announced in June 2023 that it would immediately begin implementing a large-scale restructuring programme focused on cost reduction, comprising layoffs, studio closures and divestments, and project cancellations until March 2024.<ref name="Embracer: Restructuring" /> The company closed the Gearbox studios Volition in August and Free Radical Design in December.<ref name="IGN: Campfire Cabal closed" /><ref name="VGC: Volition closed" /><ref name="Eurogamer: Free Radical Games closed" /> Other studios were subject to layoffs, including the THQ Nordic studio Campfire Cabal, which was effectively shut down according to Bruno-Christian Belibou.<ref name="PC Gamer: Beamdog layoffs" /><ref name="Eurogamer: Crystal Dynamics layoffs" />
By November 2023, Embracer Group had laid off 904 employees, roughly 5% of its workforce, and cancelled at least fifteen projects. As such, the company had reduced its debt from {{US$|2 billion|long=no}} to {{US$|1.5 billion|long=no}}, though warned that further layoffs and studio closures were likely.<ref name="VGC: 15 projects cancelled" /> In February 2024, it was reported that Embracer Group was finalising the sales of Saber Interactive and Gearbox Entertainment.<ref name="Bloomberg: Saber sale report" /><ref name="Kotaku: Gearbox sale report" /> The sale of Saber Interactive was announced in March 2024. Beacon Interactive, a company owned by Saber Interactive's co-founder Matthew Karch, bought Saber Interactive for {{US$|247 million|long=no}} alongside its satellite studios and the subsidiaries 3D Realms, Bytex, Digic Pictures, Fractured Byte, Mad Head Games, New World Interactive, Nimble Giant Entertainment, Sandbox Strategies, Slipgate Ironworks, SmartPhone Labs, and Stuntworks. 34BigThings, 4A Games, Aspyr, Beamdog, Demiurge Studios, Shiver Entertainment, Snapshot Games, Tripwire Interactive, Tuxedo Labs, and Zen Studios remained with Embracer Group, to be integrated with other operative groups, although Beacon Interactive received an option to acquire 4A Games and Zen Studios in the future, but this option was cancelled on September 13, 2024.<ref name="VGC: Saber sale" /><ref name="Gematsu: Saber sale" /> The divestiture also comprised 2,950 employees (21% of Embracer Group's workforce), including all staff in Russia.<ref name="Embracer: Saber sale" /> According to Jason Schreier of ''Bloomberg News'', Beacon Interactive plans to exercise its option for a combined purchase price of {{US$|500 million|long=no}}.<ref name="VGC: Saber sale" /><ref name="Gematsu: Saber sale" />
In March 2024, Take-Two Interactive acquired Gearbox Entertainment, which was moved under the 2K label. After the sale closed, Gearbox Entertainment retained Gearbox Software, Gearbox Publishing, Gearbox Studio Montreal, Gearbox Studio Quebec, Gearbox Properties and the ''Borderlands'', ''Homeworld'', ''Risk of Rain'', ''Brothers in Arms'' and ''Duke Nukem'' franchises, while Embracer Group retained Gearbox Publishing San Francisco (including Gearbox Shanghai), which was renamed Arc Games; Cryptic Studios; Lost Boys Interactive; and Captured Dimensions alongside several titles. Retained companies were integrated into other parts of Embracer Group.<ref>{{Cite web |title=Embracer Group divests Gearbox Entertainment for a consideration of USD 460 million to Take-Two Interactive Software, Inc. |url=https://embracer.com/releases/embracer-group-divests-gearbox-entertainment-for-a-consideration-of-usd-460-million-to-take-two-interactive-software-inc/ |access-date=28 March 2024 |website=Embracer Group |language=en-US}}</ref>
With the sale of Gearbox, Embracer CEO Lars Wingefors stated that the company restructuring was complete, and had no short-term plans to restart mergers or acquisitions, instead focusing on "simply making better products and games" to improve cash flow.<ref>{{cite web |url=https://www.pcgamer.com/games/as-restructuring-ends-with-the-sale-of-gearbox-embracers-ceo-has-a-new-plan-simply-making-better-products-and-games/ |title=As restructuring ends with the sale of Gearbox, Embracer's CEO has a new plan: 'simply making better products and games' |first=Rick |last=Lane |date=29 March 2024 |accessdate=30 March 2024 |work=PC Gamer}}</ref> From June 2023 to May 2024, the restructuring had led to the loss of 4532 employees, the closure of 44 studios, and cancellation of 80 in-development projects,<ref>{{cite web |url=https://www.eurogamer.net/heres-the-human-cost-of-embracers-restructuring-programme |title=Here's the human cost of Embracer's restructuring programme |first=Ed |last =Nightengale |date=23 May 2024 |accessdate=23 May 2024 |work=Eurogamer}}</ref> including a new ''Deus Ex'',<ref>{{cite web |url=https://www.theverge.com/2024/1/29/24054659/embracer-eidos-montreal-layoffs-deus-ex |title=Embracer lays off 97 Eidos employees and cancels new Deus Ex game |first=Sean |last=Holister |date=29 January 2024 |accessdate=29 January 2024 |work=The Verge}}</ref> ''TimeSplitters''<ref>{{cite web |url=https://www.ign.com/articles/canceled-timesplitters-reboot-looks-a-lot-like-fortnite |title=Canceled TimeSplitters Reboot Looks a Lot Like Fortnite |first=Wesley |last=Yin-poole |date=21 March 2024 |accessdate=21 March 2024 |website=IGN}}</ref> and ''Red Faction'' games.<ref>{{cite web |url=https://www.eurogamer.net/red-faction-guerrilla-sequel-was-another-embracer-casualty-say-former-fishlab-devs |title=Red Faction: Guerrilla sequel was another Embracer casualty, say former Fishlab devs |first=Vikky |last=Blake |date=22 June 2024 |accessdate=22 June 2024 |work=Eurogamer}}</ref> Despite these steps, the company still faced $1.5 billion in debt.<ref>{{cite web |url=https://www.gamesindustry.biz/embracer-group-full-year-sales-rise-to-39bn-but-15bn-debt-remains |title=Embracer Group full-year sales rise to $3.9bn, but $1.5bn debt remains |date=23 May 2024}}</ref>
In April 2024, Embracer Group announced that it would split up into three separate publicly traded companies on the Swedish stock market within the next two years.<ref>{{Cite news |last=Romano |first=Sal |date=22 April 2024 |title=Embracer Group to transform into three separate companies – Asmodee Group, Coffee Stain & Friends, and Middle-earth Enterprises & Friends |url=https://www.gematsu.com/2024/04/embracer-group-to-transform-into-three-separate-companies-asmodee-group-coffee-stain-friends-and-middle-earth-enterprises-friends |url-status=live |archive-url=https://web.archive.org/web/20240422061928/https://www.gematsu.com/2024/04/embracer-group-to-transform-into-three-separate-companies-asmodee-group-coffee-stain-friends-and-middle-earth-enterprises-friends |archive-date=22 April 2024 |access-date=22 April 2024 |work=Gematsu |language=en-US}}</ref><ref>{{cite web |last1=Scullion |first1=Chris |title=Embracer Group announces plans to split into three separate companies |url=https://www.videogameschronicle.com/news/embracer-group-announces-plans-to-split-into-three-separate-companies/ |website=Video Games Chronicle |access-date=23 April 2024 |date=22 April 2024}}</ref><ref>{{cite web |last1=Batchelor |first1=James |title=Embracer Group splits into three: Everything you need to know |url=https://www.gamesindustry.biz/embracer-group-splits-into-three-everything-you-need-to-know |website=GamesIndustry.biz |access-date=23 April 2024 |language=en |date=22 April 2024}}</ref> "Fellowship Entertainment" (under the working name "Middle-earth Enterprises & Friends") will be used for the commercial rights to J.R.R. Tolkien's work ''The Hobbit'' and ''The Lord of the Rings'', as well as intellectual properties such as ''Tomb Raider'', ''Darksiders'', ''Dead Island'', ''Kingdom Come: Deliverance'', ''Metro'', and ''Remnant''. Studios joining the new company will include 4A Games, Crystal Dynamics, Dambuster Studios, Dark Horse Media, Eidos-Montréal, Fishlabs, Flying Wild Hog, Gunfire Games, Middle-earth Enterprises, RedOctane Games and Warhorse Studios.<ref name="May 2026">{{cite web |last=Robinson |first=Andy |date=20 May 2026 |url=https://www.videogameschronicle.com/news/embracer-announces-plan-to-split-into-2-companies-as-tomb-raider-and-lotr-spun-off/ |title=Embracer announces plan to split into 2 companies, as Tomb Raider and LoTR spun off |website=Video Games Chronicle |accessdate=20 May 2026}}</ref> Embracer Group will remain as a company but would operate as a highly decentralized organization with distinct strategies across its business segments, and oversee IPs including ''Destroy All Humans!'', ''Desperados'', ''Gothic'', ''Killing Floor'', ''Kingdom of Amalur'', ''MX vs. ATV'', ''Reanimal'', ''Ride'', ''Screamer'', ''Titan Quest'', and ''Wreckfest'', as well as licenses such as ''Hot Wheels Unleashed'' and ''SpongeBob SquarePants''. Companies remaining with Embracer include Aspyr, Beamdog, CrazyLabs, Deca Games, Demiurge Studios, DPI Merchandising, Limited Run Games, Milestone, Plaion Partners, Plaion Pictures, THQ Nordic (including 35 studios and subsidiaries), Tripwire Interactive and Vertigo Games.<ref name="May 2026"/> The Asmodee Group will be the publisher of board and card games from Asmodee and its studios, which came into effect on 7 February 2025.<ref>{{cite web |url=https://corporate.asmodee.com/news/asmodee-begins-trading-on-nasdaq-stockholm-today |title=Asmodee begins trading on Nasdaq Stockholm today |publisher=Asmodee |accessdate=7 February 2025}}</ref> "Coffee Stain Group" (under the working name "Coffee Stain & Friends") will focused on community driven experiences, and will include companies under the Coffee Stain group, Ghost Ship and Tuxedo Labs as well as certain studios from Amplifier Game Invest, all based in Scandinavia, which came into effect on 11 December 2025.<ref name="May 2025"/> Wingefors will own all three companies under the new holding company Embracer AB and remain as the group CEO once the splits are complete.<ref name="May 2025"/>
In May 2024, Nintendo announced their acquisition of Shiver Entertainment from Embracer, subject to closing conditions.<ref>{{cite web |last1=Robinson |first1=Andy |title=Nintendo agrees deal to buy Hogwarts Legacy, Mortal Kombat Switch studio |url=https://www.videogameschronicle.com/news/nintendo-agrees-deal-to-buy-hogwarts-legacy-mortal-kombat-switch-studio/ |website=Video Games Chronicle |date=20 May 2024 |access-date=20 May 2024}}</ref><ref>{{cite web|url=https://www.nintendo.co.jp/ir/pdf/2024/240521e.pdf|title=Notice of the Acquisition of Shiver Entertainment, Inc.|date=21 May 2024|work=Nintendo Co., Ltd.}}</ref> In June 2024, Embracer closed ''Alone in the Dark'' (2024) developer Pieces Interactive following the game's disappointing performance.<ref>{{Cite web |last=Dinsdale |first=Ryan |date=2024-06-17 |title=Embracer Shuts Down Alone in the Dark Developer Pieces Interactive |url=https://www.ign.com/articles/embracer-shuts-down-alone-in-the-dark-developer-pieces-interactive |access-date=2024-06-17 |website=IGN |language=en}}</ref> In July, it was reported that Piranha Bytes was quietly shuttered at the end of June.<ref>{{Cite web |last=Blake |first=Vikki |date=2024-07-08 |title=Embracer-owned studio Piranha Bytes has been shut down |url=https://www.gamesindustry.biz/embracer-owned-studio-piranha-bytes-has-been-shut-down |access-date=2024-07-09 |website=GamesIndustry.biz |language=en}}</ref>
In November 2024, Embracer Group said that they had reduced their number of employees from 15,701 to 10,450.<ref>{{cite web |last1=Dealessandri |first1=Marie |title=Embracer PC and console sales plummet during Q2 |url=https://www.gamesindustry.biz/embracer-pc-and-console-sales-plummet-during-q2 |website=GamesIndustry.biz |access-date=14 November 2024 |language=en |date=14 November 2024}}</ref> That same month, they announced that they would divest Easybrain to Miniclip for a consideration of $1.2 billion, with the transaction close on January 22, 2025.<ref>{{cite web |last1=McEvoy |first1=Sophie |title=Embracer divests Easybrain to Miniclip in $1.2bn deal |url=https://www.gamesindustry.biz/embracer-divests-easybrain-to-miniclip-in-12bn-deal |website=GamesIndustry.biz |access-date=14 November 2024 |language=en |date=14 November 2024}}</ref> By the end of 2024, Embracer had reduced their number of employees to 7,873.<ref>{{Cite web |last=Writer |first=Sophie McEvoy Staff |date=2025-02-14 |title=Embracer sales drop 22% to $1.5bn, $298m debt remains |url=https://www.gamesindustry.biz/embracer-sales-drop-22-to-15bn-298m-debt-remains |access-date=2025-02-14 |website=GamesIndustry.biz |language=en}}</ref>
In May 2025, Embracer Group announced that Amplifier Game Invest would be dissolved, "integrating successful and high-potential studios, including Tarsier Studios, into other operative groups within Embracer to support their continued growth, while underperforming games and studios with negative cash flow have been closed or divested".<ref>{{cite web |title=Embracer Group Q4 and Year-End Report FY 2024/25 |url=https://embracer.com/wp-content/uploads/2025/05/Embracer-Group-publishes-Interim-Report-Q4-January-March-2025-Adjusted-EBIT-amounted-to-SEK-1077-million-250522.pdf |website=Embracer Group |date= 22 May 2025 |language=en-US}}</ref>
In June 2025, Embracer Group announced that CEO Lars Wingefors would resign from its position and would be replaced by Phil Rogers, formerly of Eidos Interactive and Square Enix, effective in August 2025. Rogers also serves as the CEO of both Plaion and Crystal Dynamics - Eidos at the time of the transition, and previously held the position as deputy CEO. Wingefors kept his board member position and later transitioned as the group's chairman.<ref>{{cite web |last1=Robinson |first1=Andy |title=Embracer to replace CEO who oversaw turbulent acquisition spree, and mass layoffs |url=https://www.videogameschronicle.com/news/embracer-to-replace-ceo-who-oversaw-turbulent-acquisition-spree-and-mass-layoffs/ |website=Video Games Chronicle |access-date=21 August 2025 |date= 10 June 2025}}</ref><ref name="Embracer: Board and Management"></ref> By the end of March 2026, Embracer had reduced their number of employees to 6,090.<ref>{{Cite web |last=Writer |first=Sophie McEvoy Staff |date=2026-05-20 |title=Embracer Group announces plans to spin-off Fellowship Entertainment |url=https://www.gamesindustry.biz/embracer-group-announces-plans-to-spin-off-fellowship-entertainment |access-date=2026-05-20 |website=GamesIndustry.biz |language=en}}</ref>
==Subsidiaries== {{See also|List of mergers and acquisitions by Embracer Group}} {{More citations needed|section|date=November 2024}} {{Asof|2025|12|post=,}} Embracer Group employs nearly 6,500 employees in nearly 30 countries across 55 studios in 6 operative groups.<ref>{{Cite web |title=About |url=https://embracer.com/about/ |access-date=2025-03-22 |website=Embracer Group |language=en-US}}</ref> {{div col|colwidth=30em}} * '''THQ Nordic''' ** Alkimia Interactive ** Appeal Studios ** Ashborne Games ** Black Forest Games ** Bugbear Entertainment ** Campfire Cabal ** DigixArt ** Experiment 101 ** Gate21 ** Grimlore Games ** Gunfire Games ** HandyGames *** Massive Miniteam ** Kaiko ** Metricminds ** Nine Rocks Games ** Purple Lamp ** Snapshot Games ** Tarsier Studios ** Voxler ** Zen Studios * '''Plaion''' ** Deep Silver *** Dambuster Studios *** Fishlabs ** Development Plus ** Flying Wild Hog ** Milestone ** Plaion Pictures *** Sola Media ** Prime Matter ** Ravenscourt ** Splatter Connect ** Vertigo Games *** Vertigo Arcade *** Vertigo Publishing **** Vertigo Publishing Amsterdam *** Vertigo Studios ** Warhorse Studios * '''Deca Games''' ** A Thinking Ape Entertainment ** CrazyLabs *** Firescore Interactive * '''Dark Horse Media''' ** Dark Horse Comics ** Dark Horse Entertainment ** Things from Another World * '''Freemode''' ** Bitwave Games ** Captured Dimensions ** Clear River Games ** Game Outlet Europe ** Gioteck ** Grimfrost ** Limited Run Games ** Middle-earth Enterprises ** Quantic Lab ** RedOctane Games ** Singtrix ** Tatsujin * '''CDE Entertainment''' ** Crystal Dynamics *** Crystal Northwest *** Crystal Southwest ** Eidos-Montréal * '''Other studios''' ** 34BigThings ** 4A Games ** Aspyr *** Beamdog ** Demiurge Studios ** DestinyBit ** Framebunker (34% stake) ** Tripwire Interactive {{div col end}}
===Divested subsidiaries=== * Coffee Stain (acquired in November 2018, spun off in December 2025) ** A Creative Endeavor ** Box Dragon ** Coffee Stain Studios *** Coffee Stain Gothenburg *** Coffee Stain Malmö *** Coffee Stain North ** Coffee Stain Publishing ** Easy Trigger Games ** Frame Break ** Ghost Ship Games *** Ghost Ship Publishing ** Invisible Walls ** Iron Gate Studios (30%) ** Kavalri Games ** Lavapotion ** Tuxedo Labs ** Vaulted Sky Games (30%) * Former Amplifier Game Invest Studios: ** C77 Entertainment (founded January 2020, moved to Freemode in August 2022, sold to Krafton in January 2024) ** Fall Damage (acquired in 2019, sold to Fragbite Group in October 2023) ** Goose Byte (founded December 2021, divested in August 2023) ** Misc Games (53% stake, divested in October 2025) <ref>{{cite web |title=Norwegian developer buys back shares from Swedish gaming giant |url=https://www-europesays-com.translate.goog/no/51300/?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en&_x_tr_pto=wapp |website=Europesays.com}}</ref> ** Neon Giant (28% stake, fully acquired April 2018, sold to Krafton in November 2022) ** Rare Earth (acquired August 2020, divested in April 2024) ** River End Games (founded January 2020, sold to Nordcurrent in November 2023) <ref>{{cite web |last=Carter |first=Justin |title=Mobile publisher Nordcurrent acquires River End Games |url=https://www.gamedeveloper.com/business/mobile-publisher-nordcurrent-acquires-river-end-games |website=Game Developer |date=2025-11-15 |access-date=2026-02-26}}</ref> ** Silent Games (acquired November 2020, divested in July 2023) ** Studio Hermitage (founded January 2023, divested in April 2025) ** Vermila Studios (acquired August 2020, divested in 2023) ** Zapper Games (founded December 2021, divested in March 2025) * Saber Interactive (acquired in February 2020, sold to Beacon Interactive in March 2024) **Saber Armenia **Saber Belarus **Saber London **Saber Madrid **Saber Porto **Saber St. Petersburg **Saber Sweden **3D Realms **Bytex **Digic Pictures **Fractured Byte **Mad Head Games **New World Interactive **Nimble Giant Entertainment **Sandbox Strategies **SmartPhone Labs **Slipgate Ironworks **Stuntworks * Gearbox Entertainment (acquired in 2021, sold to Take-Two Interactive in June 2024) **Gearbox Software **Gearbox Studio Montréal **Gearbox Studio Québec **Gearbox Studios **Gearbox Properties *Asmodee (acquired in December 2021, spun off in February 2025) ** Access+ ** Aconyte ** Atomic Mass Games ** Bezzerwizzer Studio ** Catan Studio ** Days of Wonder ** Edge Entertainment ** Exploding Kittens ** Fantasy Flight Games ** Gamegenic ** Libellud ** Lookout Games ** Mixlore ** Plan B Games ** Plaid Hat Games ** Rebel Studio ** Repos Production ** Space Cow ** Space Cowboys ** The Green Board Game Co. ** Twin Sails Interactive ** Unexpected Games ** VR Group ** Z-Man Games ** Zygomatic Games * Former THQ Nordic Studios: ** Foxglove Studios (founded in 2016, divested in 2019) ** Rainbow Studios (reestablished January 2013, divested in March 2024) * Former Plaion Studios: ** Anime Limited (acquired in October 2022, sold to Toho in December 2025) * Other Divested Studios: ** Shiver Entertainment (acquired by Saber Interactive in December 2021, retained when Saber was sold, then sold to Nintendo in May 2024) ** Easybrain (acquired in February 2021, sold to Miniclip in November 2024) ** SpringboardVR (acquired in February 2021, sold to SynthesisVR in February 2025) ** Arc Games (Acquired in December 2021, sold to management in November 2025)<ref name="VGC-20251126">{{Cite web |last=Robinson |first=Andy |date=2025-11-26 |title=Embracer sells two more companies from its acquisition spree era, as Remnant and Neverwinter firms offloaded |url=https://www.videogameschronicle.com/news/embracer-sells-two-more-companies-from-its-acquisition-spree-era-as-remnant-and-neverwinter-firms-offloaded/ |access-date=2025-11-26 |website=VGC |language=en-US}}</ref> ** Cryptic Studios (Acquired in December 2021, sold to management in November 2025)<ref name="VGC-20251126" /> ** Lost Boys Interactive (Acquired in June 2022, sold to management in December 2025)<ref>{{Cite press release |title=Lost Boys Interactive Returns to Independent, Founder-Led Ownership |url=https://www.lostboysinteractive.com/news |website=Lost Boys Interactive |date=2025-12-09 |access-date=2025-12-19 |language=en}}</ref>
===Closed subsidiaries=== * Amplifier Game Invest (announced May 2025) <ref>{{cite web |title=Embracer Group Q4 and Year-End Report FY 2024/25 |url=https://embracer.com/wp-content/uploads/2025/05/Embracer-Group-publishes-Interim-Report-Q4-January-March-2025-Adjusted-EBIT-amounted-to-SEK-1077-million-250522.pdf |website=Embracer Group |language=en-US}}</ref> ** Green Tile Digital (acquired December 2021, closed in September 2025) ** Infinite Mana Games (founded August 2022, closed in February 2025) ** Palindrome Interactive (acquired August 2020, closed in April 2025) ** Plucky Bytes (founded November 2020, closed in 2023) * Former CDE Studios: ** Square Enix Montréal (acquired August 2022, closed in November 2022) ** Eidos-Sherbrooke (acquired August 2022, closed in June 2024) * Former THQ Nordic Studios: ** Pieces Interactive (acquired by THQ Nordic in 2017, closed in June 2024) ** Piranha Bytes (acquired by THQ Nordic in 2019, closed in June 2024) ** Pow Wow Entertainment (acquired by THQ Nordic in August 2020, closed in June 2024) ** Mirage Game Studios (founded by THQ Nordic in January 2017, closed in April 2025) * Former Deep Silver studios: ** Volition (acquired by Deep Silver in January 2013, closed in August 2023) ** Free Radical Design (reestablished by Deep Silver in May 2021, closed in December 2023) * Former DECA Games studios: ** IUGO Mobile Entertainment (acquired by Deca Games in November 2020, closed in March 2025) * Former Asmodee studios: ** Pearl Games (acquired by Asmodee in January 2015, closed in June 2024)
===Merged subsidiaries=== *Gaya Entertainment (merged into Plaion) *KSM Film (merged into Plaion Pictures) *Spotfilm Networx (merged into Plaion Pictures) *18Point2 (merged into Plaion) *Jufeng Studio (merged into Deca Games)
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<ref name="Embracer: Eidos">{{cite press release |url=https://embracer.com/release/embracer-group-enters-into-an-agreement-to-acquire-eidos-crystal-dynamics-and-square-enix-montreal-amongst-other-assets/ |title=Embracer Group enters into an agreement to acquire Eidos, Crystal Dynamics, and Square Enix Montréal amongst other assets |date=2 May 2022 |publisher=Embracer Group |access-date=2 May 2022 |archive-date=2 May 2022 |archive-url=https://web.archive.org/web/20220502060827/https://embracer.com/release/embracer-group-enters-into-an-agreement-to-acquire-eidos-crystal-dynamics-and-square-enix-montreal-amongst-other-assets/ |url-status=live}}</ref>
<ref name="Embracer: Embracer name">{{cite web |url=https://embracer.com/wp-content/uploads/2019/09/Embracer_AGM-presentation_190917_webb.pdf |title=THQ Nordic becomes Embracer Group |date=17 September 2019 |publisher=Embracer Group |access-date=17 September 2019 |archive-date=22 September 2019 |archive-url=https://web.archive.org/web/20190922065620/https://embracer.com/wp-content/uploads/2019/09/Embracer_AGM-presentation_190917_webb.pdf |url-status=dead}}</ref>
<ref name="Embracer: Freemode">{{cite press release |url=https://embracer.com/releases/embracer-group-announces-the-11th-operating-group-embracer-freemode/ |title=Embracer Group Announces the 11[th] Operating Group: Embracer Freemode |date=18 August 2022 |publisher=Embracer Group |access-date=14 March 2024 |archive-date=30 November 2023 |archive-url=https://web.archive.org/web/20231130141333/https://embracer.com/releases/embracer-group-announces-the-11th-operating-group-embracer-freemode/ |url-status=live}}</ref>
<ref name="Embracer: GKGI">{{cite web |url=https://embracer.com/wp-content/uploads/2019/09/Investor-presentation-THQ-Nordic-AB-acquires-Goodbye-Kansas-Game-Invest.pdf |title=THQ Nordic AB (publ) acquires Goodbye Kansas Game Invest |date=14 August 2019 |publisher=Embracer Group |access-date=17 September 2019 |archive-date=28 September 2019 |archive-url=https://web.archive.org/web/20190928190025/https://embracer.com/wp-content/uploads/2019/09/Investor-presentation-THQ-Nordic-AB-acquires-Goodbye-Kansas-Game-Invest.pdf |url-status=dead}}</ref>
<ref name="Embracer: Interim Report 2016">{{cite web |url=https://embracer.com/wp-content/uploads/2016/10/582597.pdf |title=THQ Nordic AB (publ) – Interim Report – 1 January—30 September 2016 |date=25 October 2016 |publisher=Embracer Group |access-date=22 December 2021 |archive-date=22 December 2021 |archive-url=https://web.archive.org/web/20211222111049/https://embracer.com/wp-content/uploads/2016/10/582597.pdf |url-status=live}}</ref>
<ref name="Embracer: Interim Report 2019">{{cite web |url=https://embracer.com/wp-content/uploads/2019/08/1089677.pdf |title=THQ Nordic AB (publ) Reg No.: 556582-6558 Interim Report 1{{bullet}}1 April – 30 June 2019 |date=14 August 2019 |publisher=Embracer Group |access-date=14 March 2024 |archive-date=14 March 2024 |archive-url=https://web.archive.org/web/20240314122625/https://embracer.com/wp-content/uploads/2019/08/1089677.pdf |url-status=live}}</ref>
<ref name="Embracer: May 2021 acquisitions">{{cite press release |url=https://embracer.com/release/embracer-group-acquires-appeal-studios-kaiko-massive-miniteam-and-frame-break/ |title=Embracer Group acquires Appeal Studios, KAIKO, Massive Miniteam and FRAME BREAK |date=11 May 2021 |publisher=Embracer Group |access-date=12 May 2021 |archive-date=12 May 2021 |archive-url=https://web.archive.org/web/20210512084736/https://embracer.com/release/embracer-group-acquires-appeal-studios-kaiko-massive-miniteam-and-frame-break/ |url-status=live}}</ref>
<ref name="Embracer: Restructuring">{{cite press release |url=https://embracer.com/mfn_news/embracer-group-announces-comprehensive-restructuring-program-with-immediate-implementation/ |title=Embracer Group announces comprehensive restructuring program with immediate implementation |date=13 June 2023 |publisher=Embracer Group |access-date=13 June 2023 |archive-date=9 November 2023 |archive-url=https://web.archive.org/web/20231109230713/https://embracer.com/releases/embracer-group-announces-comprehensive-restructuring-program-with-immediate-implementation/ |url-status=live}}</ref>
<ref name="Embracer: Saber sale">{{cite press release |url=https://embracer.com/releases/embracer-group-ceases-all-operations-in-russia-through-the-divestment-of-selected-assets-from-the-operative-group-saber-interactive/ |title=Embracer Group ceases all operations in Russia through the divestment of selected assets from the operative group Saber Interactive |date=14 March 2024 |publisher=Embracer Group |access-date=14 March 2024 |archive-date=14 March 2024 |archive-url=https://web.archive.org/web/20240314151419/https://embracer.com/releases/embracer-group-ceases-all-operations-in-russia-through-the-divestment-of-selected-assets-from-the-operative-group-saber-interactive/ |url-status=live}}</ref>
<ref name="Embracer: Senior Executives">{{cite web |url=https://embracer.com/governance/senior-executives/ |title= Senior executives |publisher= Embracer Group |access-date= 8 August 2025 }}</ref>
<ref name="Entreprenör: Wingefors">{{cite web |url=https://www.entreprenor.se/entreprenorer/han-ar-superentreprenoren-fran-karlstad_500484.html |title=Han är superentreprenören från Karlstad |language=sv |trans-title=He is the super-entrepreneur from Karlstad |first=Daniel |last=Mellwing |date=1 March 2011 |website=Entreprenör |access-date=17 March 2019 |archive-date=1 May 2019 |archive-url=https://web.archive.org/web/20190501090358/https://www.entreprenor.se/entreprenorer/han-ar-superentreprenoren-fran-karlstad_500484.html |url-status=dead}}</ref>
<ref name="Eurogamer: Crystal Dynamics layoffs">{{cite web |url=https://www.eurogamer.net/embracer-group-layoffs-hit-tomb-raider-developer-crystal-dynamics |title=Embracer Group layoffs hit Tomb Raider developer Crystal Dynamics |first=Matt |last=Wales |date=20 September 2023 |website=Eurogamer |access-date=23 September 2023 |archive-date=21 September 2023 |archive-url=https://web.archive.org/web/20230921220924/https://www.eurogamer.net/embracer-group-layoffs-hit-tomb-raider-developer-crystal-dynamics |url-status=live}}</ref>
<ref name="Eurogamer: Eidos complete">{{cite web |url=https://www.eurogamer.net/embracer-group-completes-acquisition-of-square-enixs-western-studios |title=Embracer Group completes acquisition of Square Enix's western studios |first=Ed |last=Nightingale |date=26 August 2022 |website=Eurogamer |access-date=26 August 2022 |archive-date=23 November 2022 |archive-url=https://web.archive.org/web/20221123115319/https://www.eurogamer.net/embracer-group-completes-acquisition-of-square-enixs-western-studios |url-status=live}}</ref>
<ref name="Eurogamer: Free Radical Games closed">{{cite web |url=https://www.eurogamer.net/timesplitters-studio-free-radical-design-closed-today-staff-say |title=TimeSplitters studio Free Radical Design closed today, staff say |first=Tom |last=Phillips |date=11 December 2023 |website=Eurogamer |access-date=11 December 2023 |archive-date=11 December 2023 |archive-url=https://web.archive.org/web/20231211210031/https://www.eurogamer.net/timesplitters-studio-free-radical-design-closed-today-staff-say |url-status=live}}</ref>
<ref name="Gamasutra: August 2020 acquisitions">{{cite web |url=https://www.gamasutra.com/view/news/368163/THQ_parent_company_Embracer_has_purchased_Metro_dev_4A_Games_and_others.php |title=THQ parent company Embracer has purchased Metro dev 4A Games and others |first=Chris |last=Kerr |date=13 August 2020 |website=Gamasutra |access-date=13 August 2020 |archive-date=15 August 2020 |archive-url=https://web.archive.org/web/20200815085909/https://gamasutra.com/view/news/368163/THQ_parent_company_Embracer_has_purchased_Metro_dev_4A_Games_and_others.php |url-status=dead}}</ref>
<ref name="Gamasutra: August 2021 acquisitions">{{cite web |url=https://www.gamasutra.com/view/news/386276/Embracer_buys_eight_studios_including_Ghost_Ship_Games_3D_Realms_and_Digixart.php |title=Embracer buys eight studios including Ghost Ship Games, 3D Realms, and Digixart |first=Chris |last=Kerr |date=5 August 2021 |website=Gamasutra |access-date=5 August 2021 |archive-date=5 August 2021 |archive-url=https://web.archive.org/web/20210805110246/http://www.gamasutra.com/view/news/386276/Embracer_buys_eight_studios_including_Ghost_Ship_Games_3D_Realms_and_Digixart.php |url-status=dead}}</ref>
<ref name="Gamasutra: JoWooD">{{cite web |url=https://www.gamasutra.com/view/news/126563/Nordic_Games_Saves_JoWood_From_Insolvency_With_Acquisition.php |title=Nordic Games Saves JoWood From Insolvency With Acquisition |first=Frank |last=Cifaldi |author-link=Frank Cifaldi |date=16 August 2011 |website=Gamasutra |access-date=17 March 2019 |archive-date=13 May 2014 |archive-url=https://web.archive.org/web/20140513181513/http://www.gamasutra.com/view/news/126563/Nordic_Games_Saves_JoWood_From_Insolvency_With_Acquisition.php |url-status=dead}}</ref>
<ref name="Gamasutra: June 2018 capital">{{cite web |url=https://gamasutra.com/view/news/320017/THQ_Nordic_raises_168_million_for_future_acquisitions.php |title=THQ Nordic raises $168 million for future acquisitions |first=Emma |last=Kidwell |date=14 June 2018 |website=Gamasutra |access-date=17 March 2019 |archive-date=16 June 2018 |archive-url=https://web.archive.org/web/20180616034228/https://gamasutra.com/view/news/320017/THQ_Nordic_raises_168_million_for_future_acquisitions.php |url-status=dead}}</ref>
<ref name="GameSpot: JoWooD">{{cite web |url=https://www.gamespot.com/articles/nordic-games-holding-acquires-jowood-and-the-adventure-company/1100-6329512/ |title=Nordic Games Holding acquires JoWood and The Adventure Company |first=Jon |last=Leo |date=17 August 2011 |website=GameSpot |access-date=17 March 2019 |archive-date=6 March 2019 |archive-url=https://web.archive.org/web/20190306133012/https://www.gamespot.com/articles/nordic-games-holding-acquires-jowood-and-the-adventure-company/1100-6329512/ |url-status=live}}</ref>
<ref name="GamesWirtschaft: Koch Media">{{cite web |url=https://www.gameswirtschaft.de/wirtschaft/thq-nordic-koch-media-analyse-februar-2018/ |title=Analyse: Was THQ Nordic mit Koch Media vor hat |language=de |trans-title=Analysis: What THQ Nordic has in mind with Koch Media |first=Petra |last=Fröhlich |date=15 February 2018 |website=GamesWirtschaft |access-date=17 March 2019 |archive-date=2 February 2019 |archive-url=https://web.archive.org/web/20190202212421/https://www.gameswirtschaft.de/wirtschaft/thq-nordic-koch-media-analyse-februar-2018/ |url-status=dead}}</ref>
<ref name="Gematsu: August 2021 acquisitions">{{cite web |url=https://www.gematsu.com/2021/08/embracer-group-acquires-demiurge-studios-fractured-byte-and-smartphone-labs |title=Embracer Group acquires Demiurge Studios, Fractured Byte, and SmartPhone Labs |first=Sal |last=Romano |date=18 August 2021 |website=Gematsu |access-date=18 August 2021 |archive-date=18 August 2021 |archive-url=https://web.archive.org/web/20210818075951/https://www.gematsu.com/2021/08/embracer-group-acquires-demiurge-studios-fractured-byte-and-smartphone-labs |url-status=live}}</ref>
<ref name="Gematsu: Coffee Stain">{{cite web |url=https://gematsu.com/2018/11/thq-nordic-acquires-bugbear-entertainment-and-coffee-stain-studios |title=THQ Nordic acquires Bugbear Entertainment and Coffee Stain Studios |first=Sal |last=Romano |date=14 November 2018 |website=Gematsu |access-date=17 March 2019 |archive-date=2 May 2019 |archive-url=https://web.archive.org/web/20190502022511/https://gematsu.com/2018/11/thq-nordic-acquires-bugbear-entertainment-and-coffee-stain-studios |url-status=live}}</ref>
<ref name="Gematsu: Gearbox complete">{{cite web |url=https://www.gematsu.com/2021/04/embracer-group-completes-merger-with-the-gearbox-entertainment-company |title=Embracer Group completes merger with The Gearbox Entertainment Company |first=Sal |last=Romero |date=6 April 2021 |website=Gematsu |access-date=6 April 2021 |archive-date=6 April 2021 |archive-url=https://web.archive.org/web/20210406181409/https://www.gematsu.com/2021/04/embracer-group-completes-merger-with-the-gearbox-entertainment-company |url-status=live}}</ref>
<ref name="Gematsu: New holding name">{{cite web |url=https://gematsu.com/2019/08/thq-nordic-to-change-parent-company-group-name-to-embracer-group |title=THQ Nordic to change parent company group name to Embracer Group |first=Sal |last=Romano |date=14 August 2019 |website=Gematsu |access-date=14 August 2019 |archive-date=14 August 2019 |archive-url=https://web.archive.org/web/20190814203120/https://gematsu.com/2019/08/thq-nordic-to-change-parent-company-group-name-to-embracer-group |url-status=live}}</ref>
<ref name="Gematsu: November 2020 acquisitions">{{cite web |url=https://www.gematsu.com/2020/11/embracer-group-acquires-34bigthings-flying-wild-hog-nimble-giant-entertainment-purple-lamp-studios-snapshot-games-zen-studios-more |title=Embracer Group acquires 34BigThings, Flying Wild Hog, Nimble Giant Entertainment, Purple Lamp Studios, Snapshot Games, Zen Studios, more |first=Sal |last=Romano |date=18 November 2020 |website=Gematsu |access-date=18 November 2020 |archive-date=18 November 2020 |archive-url=https://web.archive.org/web/20201118065235/https://www.gematsu.com/2020/11/embracer-group-acquires-34bigthings-flying-wild-hog-nimble-giant-entertainment-purple-lamp-studios-snapshot-games-zen-studios-more |url-status=live}}</ref>
<ref name="Gematsu: Saber sale">{{cite web |url=https://www.gematsu.com/2024/03/saber-interactive-to-split-from-embracer-group |title=Saber Interactive to split from Embracer Group [Update] |first=Sal |last=Romano |date=14 March 2024 |website=Gematsu |access-date=14 March 2024 |archive-date=14 March 2024 |archive-url=https://web.archive.org/web/20240314151538/https://www.gematsu.com/2024/03/saber-interactive-to-split-from-embracer-group |url-status=live}}</ref>
<ref name="GIbiz: 713 percent">{{cite web |url=https://www.gamesindustry.biz/articles/2019-02-13-thq-nordic-net-sales-rose-713-percent-to-usd447-6m-in-2018 |title=THQ Nordic net sales rose 713% to $447.6m in 2018 |first=James |last=Batchelor |date=13 February 2019 |website=GamesIndustry.biz |access-date=17 March 2019 |archive-date=13 February 2019 |archive-url=https://web.archive.org/web/20190213145840/https://www.gamesindustry.biz/articles/2019-02-13-thq-nordic-net-sales-rose-713-percent-to-usd447-6m-in-2018 |url-status=live}}</ref>
<ref name="GIbiz: Amplifier name">{{cite web |url=https://www.gamesindustry.biz/articles/2020-01-15-goodbye-kansas-game-invest-re-brands-as-amplifier-game-invest |title=Goodbye Kansas Game Invest re-brands as Amplifier Game Invest |first=Ivy |last=Taylor |date=15 January 2020 |website=GamesIndustry.biz |access-date=15 January 2020 |archive-date=15 January 2020 |archive-url=https://web.archive.org/web/20200115174725/https://www.gamesindustry.biz/articles/2020-01-15-goodbye-kansas-game-invest-re-brands-as-amplifier-game-invest |url-status=live}}</ref>
<ref name="GIbiz: April 2020 capital">{{cite web |url=https://www.gamesindustry.biz/articles/2020-04-08-embracer-group-raises-usd160m-for-acquisition-and-expansion |title=Embracer Group raises $164m for acquisition and expansion |first=Ivy |last=Taylor |date=8 April 2020 |website=GamesIndustry.biz |access-date=8 April 2020 |archive-date=11 April 2020 |archive-url=https://web.archive.org/web/20200411073819/https://www.gamesindustry.biz/articles/2020-04-08-embracer-group-raises-usd160m-for-acquisition-and-expansion |url-status=live}}</ref>
<ref name="GIbiz: April 2021 capital">{{cite web |url=https://www.gamesindustry.biz/articles/2021-03-18-embracer-group-raising-over-usd890m-for-even-more-acquisitions |title=Embracer Group raising over $890m for even more acquisitions |first=James |last=Batchelor |date=18 March 2021 |website=GamesIndustry.biz |access-date=18 March 2021 |archive-date=18 March 2021 |archive-url=https://web.archive.org/web/20210318143641/https://www.gamesindustry.biz/articles/2021-03-18-embracer-group-raising-over-usd890m-for-even-more-acquisitions |url-status=live}}</ref>
<ref name="GIbiz: Asmodee">{{cite web |url=https://www.gamesindustry.biz/articles/2021-12-15-embracer-purchases-asmodee-for-275bn |title=Embracer purchases Asmodee for €2.75bn |first=Jeffrey |last=Rousseau |date=15 December 2021 |website=GamesIndustry.biz |access-date=15 December 2021 |archive-date=15 December 2021 |archive-url=https://web.archive.org/web/20211215190512/https://www.gamesindustry.biz/articles/2021-12-15-embracer-purchases-asmodee-for-275bn |url-status=live}}</ref>
<ref name="GIbiz: C77 Entertainment">{{cite web |url=https://www.gamesindustry.biz/articles/2020-01-30-amplifier-game-invest-opens-seattle-studio |title=Amplifier Game Invest opens Seattle studio |first=Ivy |last=Taylor |date=30 January 2020 |website=GamesIndustry.biz |access-date=30 January 2020 |archive-date=30 January 2020 |archive-url=https://web.archive.org/web/20200130120142/https://www.gamesindustry.biz/articles/2020-01-30-amplifier-game-invest-opens-seattle-studio |url-status=live}}</ref>
<ref name="GIbiz: Dark Horse">{{cite web |url=https://www.gamesindustry.biz/articles/2021-12-21-embracer-acquires-dark-horse-shiver-entertainment-and-spotfilm-networx |title=Embracer acquires Dark Horse, Shiver Entertainment and Spotfilm Networx |first=Danielle |last=Partis |date=21 December 2021 |website=GamesIndustry.biz |access-date=21 December 2021 |archive-date=21 December 2021 |archive-url=https://web.archive.org/web/20211221111156/https://www.gamesindustry.biz/articles/2021-12-21-embracer-acquires-dark-horse-shiver-entertainment-and-spotfilm-networx |url-status=live}}</ref>
<ref name="GIbiz: February 2019 capital">{{cite web |url=https://www.gamesindustry.biz/articles/2019-02-21-thq-nordic-raises-usd225m-for-further-acquisitions |title=THQ Nordic raises $225m for further acquisitions |first=James |last=Batchelor |date=21 February 2019 |website=GamesIndustry.biz |access-date=17 March 2019 |archive-date=22 February 2019 |archive-url=https://web.archive.org/web/20190222085843/https://www.gamesindustry.biz/articles/2019-02-21-thq-nordic-raises-usd225m-for-further-acquisitions |url-status=live}}</ref>
<ref name="GIbiz: GKGI">{{cite web |url=https://www.gamesindustry.biz/articles/2019-08-14-thq-nordic-strengthens-portfolio-with-goodbye-kansas-game-invest-acquisition |title=THQ Nordic strengthens portfolio with Goodbye Kansas Game Invest acquisition |first=Matthew |last=Handrahan |date=14 August 2019 |website=GamesIndustry.biz |access-date=14 August 2019 |archive-date=14 August 2019 |archive-url=https://web.archive.org/web/20190814211643/https://www.gamesindustry.biz/articles/2019-08-14-thq-nordic-strengthens-portfolio-with-goodbye-kansas-game-invest-acquisition |url-status=live}}</ref>
<ref name="GIbiz: JoWooD">{{cite web |url=https://www.gamesindustry.biz/articles/2011-08-16-nordic-games-acquires-jowood-and-the-adventure-company |title=Nordic Games acquires JoWood and The Adventure Company |first=Matt |last=Martin |date=16 August 2011 |website=GamesIndustry.biz |access-date=17 March 2019 |archive-date=17 August 2016 |archive-url=https://web.archive.org/web/20160817035429/http://www.gamesindustry.biz/articles/2011-08-16-nordic-games-acquires-jowood-and-the-adventure-company |url-status=live}}</ref>
<ref name="GIbiz: Nasdaq Stockholm">{{cite web |url=https://www.gamesindustry.biz/embracer-approved-to-trade-on-nasdaq-stockholm |title=Embracer approved to trade on Nasdaq Stockholm |first=Marie |last=Dealessandri |date=8 December 2022 |website=GamesIndustry.biz |access-date=10 December 2022 |archive-date=10 December 2022 |archive-url=https://web.archive.org/web/20221210193158/https://www.gamesindustry.biz/embracer-approved-to-trade-on-nasdaq-stockholm |url-status=live}}</ref>
<ref name="GIbiz: Onoma closed">{{cite web |url=https://www.gamesindustry.biz/embracer-closing-former-square-enix-montreal-studio-and-qa-team |title=Embracer closing former Square Enix Montreal studio and QA team |language=en |first=Brendan |last=Sinclair |date=1 November 2022 |website=GamesIndustry.biz |access-date=19 December 2022 |archive-date=1 November 2022 |archive-url=https://web.archive.org/web/20221101183632/https://www.gamesindustry.biz/embracer-closing-former-square-enix-montreal-studio-and-qa-team |url-status=live}}</ref>
<ref name="GIbiz: People of the Year 2018">{{cite web |url=https://www.gamesindustry.biz/articles/2018-12-06-people-of-the-year-2018-lars-wingefors |title=People of the Year 2018: Lars Wingefors |first=James |last=Batchelor |date=6 December 2018 |website=GamesIndustry.biz |access-date=17 March 2019 |archive-date=13 December 2018 |archive-url=https://web.archive.org/web/20181213111122/https://www.gamesindustry.biz/articles/2018-12-06-people-of-the-year-2018-lars-wingefors |url-status=live}}</ref>
<ref name="GIbiz: Perfect World">{{cite web |url=https://www.gamesindustry.biz/articles/2021-12-22-embracer-group-acquires-perfect-world-entertainment-digic |title=Embracer Group acquires Perfect World Entertainment, Digic |first=James |last=Batchelor |date=22 December 2021 |website=GamesIndustry.biz |access-date=22 December 2021 |archive-date=22 December 2021 |archive-url=https://web.archive.org/web/20211222135028/https://www.gamesindustry.biz/articles/2021-12-22-embracer-group-acquires-perfect-world-entertainment-digic |url-status=live}}</ref>
<ref name="GIbiz: River End Games">{{cite web |url=https://www.gamesindustry.biz/articles/2020-01-24-amplifier-game-invest-opens-new-development-studio-in-sweden |title=Amplifier Game Invest opened new development studio in Sweden |first=James |last=Batchelor |date=24 January 2020 |website=GamesIndustry.biz |access-date=30 January 2020 |archive-date=24 January 2020 |archive-url=https://web.archive.org/web/20200124170956/https://www.gamesindustry.biz/articles/2020-01-24-amplifier-game-invest-opens-new-development-studio-in-sweden |url-status=live}}</ref>
<ref name="GIbiz: Saber">{{cite web |url=https://www.gamesindustry.biz/articles/2020-02-19-embracer-group-acquires-saber-interactive-in-usd525m-deal |title=Embracer Group acquires Saber Interactive in $525m deal |first=Ivy |last=Taylor |date=19 February 2020 |website=GamesIndustry.biz |access-date=19 February 2020 |archive-date=19 February 2020 |archive-url=https://web.archive.org/web/20200219212201/https://www.gamesindustry.biz/articles/2020-02-19-embracer-group-acquires-saber-interactive-in-usd525m-deal |url-status=live}}</ref>
<ref name="GIbiz: Saudi Arabia investment">{{cite web |url=https://www.gamesindustry.biz/articles/2022-06-08-saudi-arabia-acquires-usd1bn-stake-in-embracer-group |title=Saudi Arabia acquires $1bn stake in Embracer Group |first=Danielle |last=Partis |date=8 June 2022 |website=Gamesindustry.biz |access-date=8 June 2022 |archive-date=8 June 2022 |archive-url=https://web.archive.org/web/20220608115728/https://www.gamesindustry.biz/articles/2022-06-08-saudi-arabia-acquires-usd1bn-stake-in-embracer-group |url-status=live}}</ref>
<ref name="GIbiz: Tarsier Studios">{{cite web |url=https://www.gamesindustry.biz/articles/2019-12-20-embracer-group-acquires-little-nightmares-dev-tarsier-studios-for-usd10-5m |title=Embracer Group acquires Little Nightmares dev Tarsier Studios for $10.5m |first=James |last=Batchelor |date=20 December 2019 |website=GamesIndustry.biz |access-date=21 December 2019 |archive-date=20 December 2019 |archive-url=https://web.archive.org/web/20191220122445/https://www.gamesindustry.biz/articles/2019-12-20-embracer-group-acquires-little-nightmares-dev-tarsier-studios-for-usd10-5m |url-status=live}}</ref>
<ref name="IGN: Campfire Cabal closed">{{cite web |url=https://www.ign.com/articles/embracer-group-is-starting-to-close-studios-campfire-cabal |title=Embracer Group Is Starting to Close Studios After Losing Out on Deal Worth Billions |first=Taylor |last=Lyles |date=4 August 2023 |website=IGN |access-date=6 August 2022 |archive-date=4 August 2023 |archive-url=https://web.archive.org/web/20230804200215/https://www.ign.com/articles/embracer-group-is-starting-to-close-studios-campfire-cabal |url-status=live}}</ref>
<ref name="IGN: Eidos">{{cite web |url=https://www.ign.com/articles/embracer-group-enters-agreement-to-acquire-eidos-crystal-dynamics-square-enix-montreal-and-more-tomb-raider-deus-ex |title=Embracer Group Enters Agreement to Acquire Eidos, Crystal Dynamics, and Square Enix Montreal for $300 Million |first=Adam |last=Bankhurst |date=2 May 2022 |website=IGN |access-date=2 May 2022 |archive-date=3 May 2022 |archive-url=https://web.archive.org/web/20220503103040/https://www.ign.com/articles/embracer-group-enters-agreement-to-acquire-eidos-crystal-dynamics-square-enix-montreal-and-more-tomb-raider-deus-ex |url-status=live}}</ref>
<ref name="Kotaku: Gearbox sale report">{{cite web |url=https://kotaku.com/borderlands-4-gearbox-embracer-acquisition-1851297286 |title=Sources: ''Borderlands'' Studio Will Escape The Most Divisive Company In Gaming |first=Ethan |last=Gach |date=29 February 2024 |website=Kotaku |access-date=14 March 2024 |archive-date=5 March 2024 |archive-url=https://web.archive.org/web/20240305220852/https://kotaku.com/borderlands-4-gearbox-embracer-acquisition-1851297286 |url-status=live}}</ref>
<ref name="Nordic Games: Blower">{{cite press release |url=http://www.nordicgames.se/index.php?page=article&ref=MANAGEMENT_TEAM_STRENGTHENS |title=Management Team Strengthens |date=20 February 2010 |publisher=Nordic Games Publishing |archive-date=18 August 2010 |archive-url=https://web.archive.org/web/20100818202937/http://www.nordicgames.se/index.php?page=article&ref=MANAGEMENT_TEAM_STRENGTHENS |url-status=dead}}</ref>
<ref name="Noridc Games Group: History">{{cite web |url=http://www.nordicgamesgroup.com/about |title=Group History |publisher=Nordic Games Group |archive-date=31 July 2016 |archive-url=https://web.archive.org/web/20160731025931/http://www.nordicgamesgroup.com/about}}</ref>
<ref name="NYTimes: Gameplay.com">{{cite web |url=https://www.nytimes.com/2001/05/16/business/worldbusiness/IHT-tech-briefgame-over.html |title=Tech Brief:GAME OVER |first=James |last=Connell |date=16 May 2001 |website=The New York Times |access-date=17 March 2019 |archive-date=14 January 2020 |archive-url=https://web.archive.org/web/20200114101136/https://www.nytimes.com/2001/05/16/business/worldbusiness/IHT-tech-briefgame-over.html |url-status=live}}</ref>
<ref name="PC Gamer: Archive">{{cite web |url=https://www.pcgamer.com/uk/the-embracer-group-is-now-collecting-historical-games-in-addition-to-developers/ |title=The Embracer Group is now collecting historical games in addition to developers |first=Ted |last=Litchfield |date=28 May 2022 |website=PC Gamer |access-date=29 May 2022 |archive-date=29 May 2022 |archive-url=https://web.archive.org/web/20220529124915/https://www.pcgamer.com/uk/the-embracer-group-is-now-collecting-historical-games-in-addition-to-developers/ |url-status=live}}</ref>
<ref name="PC Gamer: Beamdog layoffs">{{cite web |url=https://www.pcgamer.com/26-staff-have-been-laid-off-at-baldurs-gate-enhanced-edition-studio-beamdog/ |title=26 staff have been laid off at Baldur's Gate: Enhanced Edition studio Beamdog |first=Jody |last=McGregor |date=23 September 2023 |website=PC Gamer |access-date=23 September 2023 |archive-date=24 September 2023 |archive-url=https://web.archive.org/web/20230924005828/https://www.pcgamer.com/26-staff-have-been-laid-off-at-baldurs-gate-enhanced-edition-studio-beamdog/ |url-status=live}}</ref>
<ref name="PC Gamer: Freemode">{{cite web |url=https://www.pcgamer.com/embracer-goes-on-spending-spree-buys-lord-of-the-rings-ip-rights-tripwire-interactive-and-more/ |title=Embracer goes on spending spree: buys Lord of the Rings IP rights, Tripwire Interactive, and more |language=en |first=Shaun |last=Prescott |date=18 August 2022 |website=PC Gamer |access-date=11 May 2023 |archive-date=18 August 2022 |archive-url=https://web.archive.org/web/20220818061042/https://www.pcgamer.com/embracer-goes-on-spending-spree-buys-lord-of-the-rings-ip-rights-tripwire-interactive-and-more/ |url-status=live}}</ref>
<ref name="Polygon: THQ Nordic name">{{cite web |url=https://www.polygon.com/2016/8/16/12500550/thq-nordic-nordic-games-thq-bankruptcy |title=THQ Nordic is ready to prove itself after a big name change |first=Allegra |last=Frank |date=16 August 2016 |website=Polygon |access-date=17 March 2019 |archive-date=27 October 2018 |archive-url=https://web.archive.org/web/20181027223815/https://www.polygon.com/2016/8/16/12500550/thq-nordic-nordic-games-thq-bankruptcy |url-status=live}}</ref>
<ref name="Polygon: Who is Nordic Games">{{cite web |url=https://www.polygon.com/2013/4/22/4254224/nordic-games-thq-purchase |title=Who is Nordic Games? |first=Dave |last=Tach |date=22 April 2013 |website=Polygon |access-date=17 March 2019 |archive-date=23 January 2019 |archive-url=https://web.archive.org/web/20190123052709/https://www.polygon.com/2013/4/22/4254224/nordic-games-thq-purchase |url-status=live}}</ref>
<ref name="Swedish Enterprise: Wingefors">{{cite web |url=https://www.svensktnaringsliv.se/regioner/varmland/dansk-arbetsratt-ett-foredome_558890.html |title=Dansk arbetsrätt ett föredöme |language=sv |trans-title=Danish labor law an example |date=9 August 2011 |website=Confederation of Swedish Enterprise |access-date=17 March 2019 |archive-date=9 January 2020 |archive-url=https://web.archive.org/web/20200109170658/https://www.svensktnaringsliv.se/regioner/varmland/dansk-arbetsratt-ett-foredome_558890.html |url-status=dead}}</ref>
<ref name="Tech.eu: IPO">{{cite web |url=https://tech.eu/brief/thq-nordic-ipo/ |title=THQ Nordic valuation grows to €190 million after IPO on Nasdaq First North |first=Shaheen |last=Samavati |date=23 November 2016 |website=Tech.eu |access-date=17 March 2019 |archive-date=20 June 2018 |archive-url=https://web.archive.org/web/20180620103655/http://tech.eu/brief/thq-nordic-ipo/ |url-status=live}}</ref>
<ref name="The Guardian: Gameplay.com">{{cite web |url=https://www.theguardian.com/business/2000/apr/04/efinance.internet |title=Joining the dots loses its appeal |first=Mark |last=Atkinson |date=4 April 2000 |website=The Guardian |access-date=8 October 2020 |archive-date=29 April 2018 |archive-url=https://web.archive.org/web/20180429064749/https://www.theguardian.com/business/2000/apr/04/efinance.internet |url-status=live}}</ref>
<ref name="The Register: Gameplay.com">{{cite web |url=https://www.theregister.co.uk/2001/05/17/gameplay_division_sold/ |title=Gameplay division sold for £1 |first=Tom |last=Richardson |date=17 May 2001 |website=The Register |access-date=17 March 2019 |archive-date=19 July 2018 |archive-url=https://web.archive.org/web/20180719233459/https://www.theregister.co.uk/2001/05/17/gameplay_division_sold/ |url-status=live}}</ref>
<ref name="VentureBeat: Acquisition binge">{{cite web |url=https://venturebeat.com/2020/12/05/why-thq-nordic-has-joined-the-game-studio-acquisition-binge/ |title=Why THQ Nordic has joined the game studio acquisition binge |first=Dean |last=Takahashi |author-link=Dean Takahashi |date=5 December 2020 |website=VentureBeat |access-date=6 December 2020 |archive-date=6 December 2020 |archive-url=https://web.archive.org/web/20201206113943/https://venturebeat.com/2020/12/05/why-thq-nordic-has-joined-the-game-studio-acquisition-binge/ |url-status=live}}</ref>
<ref name="VentureBeat: Aspyr">{{cite web |url=https://venturebeat.com/2021/02/02/embracer-group-acquires-aspyr-media-for-up-to-450-million/ |title=Embracer Group acquires Aspyr Media for up to $450 million |first=Dean |last=Takahashi |author-link=Dean Takahashi |date=2 February 2021 |website=VentureBeat |access-date=2 February 2021 |archive-date=3 February 2021 |archive-url=https://web.archive.org/web/20210203071452/https://venturebeat.com/2021/02/02/embracer-group-acquires-aspyr-media-for-up-to-450-million/ |url-status=live}}</ref>
<ref name="VentureBeat: Easybrain">{{cite web |url=https://venturebeat.com/2021/02/02/embracer-group-acquires-mobile-game-maker-easybrain-for-640-million/ |title=Embracer Group acquires mobile game maker Easybrain for $640 million |first=Dean |last=Takahashi |author-link=Dean Takahashi |date=2 February 2021 |website=VentureBeat |access-date=2 February 2021 |archive-date=3 February 2021 |archive-url=https://web.archive.org/web/20210203064103/https://venturebeat.com/2021/02/02/embracer-group-acquires-mobile-game-maker-easybrain-for-640-million/ |url-status=live}}</ref>
<ref name="VentureBeat: Gearbox">{{cite web |url=https://venturebeat.com/2021/02/02/embracer-group-acquires-borderlands-maker-gearbox-entertainment-for-1-3-billion/ |title=Embracer Group acquires Borderlands maker Gearbox Entertainment for $1.3 billion |first=Dean |last=Takahashi |author-link=Dean Takahashi |date=2 February 2021 |website=VentureBeat |access-date=2 February 2021 |archive-date=3 February 2021 |archive-url=https://web.archive.org/web/20210203212853/https://venturebeat.com/2021/02/02/embracer-group-acquires-borderlands-maker-gearbox-entertainment-for-1-3-billion/ |url-status=live}}</ref>
<ref name="VGC: 15 projects cancelled">{{cite web |url=https://www.videogameschronicle.com/news/embracer-has-written-down-15-projects-says-further-studio-closures-and-buyouts-planned/ |title=Embracer has written down 15 projects, says further studio closures and buyouts planned |first=Tom |last=Ivan |date=16 November 2023 |website=Video Games Chronicle |access-date=16 November 2023 |archive-date=16 November 2023 |archive-url=https://web.archive.org/web/20231116125705/https://www.videogameschronicle.com/news/embracer-has-written-down-15-projects-says-further-studio-closures-and-buyouts-planned/ |url-status=live}}</ref>
<ref name="VGC: Saber sale">{{cite web |url=https://www.videogameschronicle.com/news/embracer-confirms-247m-sale-of-saber-assets-and-withdraws-from-russia/ |title=Embracer confirms $247m sale of Saber assets and withdraws from Russia |first=Andy |last=Robinson |date=14 March 2024 |website=Video Games Chronicle |access-date=14 March 2024 |archive-date=14 March 2024 |archive-url=https://web.archive.org/web/20240314150654/https://www.videogameschronicle.com/news/embracer-confirms-247m-sale-of-saber-assets-and-withdraws-from-russia/ |url-status=live}}</ref>
<ref name="VGC: Volition closed">{{cite web |url=https://www.videogameschronicle.com/news/saints-row-developer-volition-has-been-closed-effective-immediately/ |title=Saints Row developer Volition has been closed 'effective immediately' |first=Chris |last=Scullion |date=31 August 2023 |website=Video Games Chronicle |access-date=31 August 2023 |archive-date=31 August 2023 |archive-url=https://web.archive.org/web/20230831172016/https://www.videogameschronicle.com/news/saints-row-developer-volition-has-been-closed-effective-immediately/ |url-status=live}}</ref>
<ref name="Windows Central: Freemode">{{cite web |url=https://www.windowscentral.com/gaming/xbox/embracer-group-acquires-the-lord-of-the-ring-ip-limited-run-games-tripwire-interactive-and-more |title=Embracer Group acquires The Lord of the Ring IP, Limited Run Games, Tripwire Interactive, and more |first=Samuel |last=Tolbert |date=18 August 2022 |website=Windows Central |access-date=18 August 2022 |archive-date=18 August 2022 |archive-url=https://web.archive.org/web/20220818045513/https://www.windowscentral.com/gaming/xbox/embracer-group-acquires-the-lord-of-the-ring-ip-limited-run-games-tripwire-interactive-and-more |url-status=live}}</ref>
}}
== Further reading == * {{Cite news |date=2021-02-09 |title=Okände spelkungen styr miljardbolaget från Karlstad |trans-title=Unknown gaming king runs billion-dollar company from Karlstad |url=https://www.dn.se/ekonomi/okande-spelkungen-styr-miljardbolaget-fran-karlstad/ |access-date=2026-01-01 |work=Dagens Nyheter |language=sv |issn=1101-2447}}
== External links == * {{Official website|https://embracer.com/}}
{{Embracer Group}}
Category:Embracer Group Category:2016 initial public offerings Category:Companies based in Värmland County Category:Companies listed on Nasdaq Stockholm Category:Holding companies established in 2011 Category:Holding companies of Sweden Category:Karlstad Category:Swedish companies established in 2011 Category:Video game companies established in 2011 Category:Video game companies of Sweden