Embracer announces layoffs and game cancellations after a $2 billion deal falls through
that a deal that would have been worth $2 billion in revenue over six years fell apart, despite Embracer having a verbal agreement from its unnamed proposed partner.
It will take until March next year to complete the restructuring process. It's"too early to give an exact forecast" on how many of Embracer's nearly 17,000 workers will be impacted, CEO Lars Wingefors"The actions will include, but not be limited to, closing or divestments of some studios and the termination or pausing of some ongoing game development projects," Wingefors wrote.
It is not yet clear which studios the company plans to close or sell. Embracer says the game cancellations are"almost entirely" for projects that haven't been announced and for which it projects low returns."All announced significant releases will still be released as planned," Wingefors said. For instance, Crystal Dynamics, which is
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