In an interesting twist of fate for the stealth series, Square Enix has recently announced the sale of Thief in addition to several of their other IPs to the rapidly expanding Embracer Group, a conglomerate of game publishers including Gearbox, THQ Nordic, and others.
While the sale isn’t final yet, their press release states that if approved it will be a $300 million deal. For this suspiciously small sum, Embracer will acquire Crystal Dynamics, Square Enix Montreal, and most importantly, Eidos Montreal, the last studio to work on the Thief franchise.
In addition to the studios themselves, Embracer will also be acquiring their many other IPs including Deus Ex, Tomb Raider, and Legacy of Kain.
For a bit of background, Square Enix bought Eidos and Crystal Dynamics back in 2009 and went on to oversee a number of well-received reboots of series like Tomb Raider and Deus Ex. Despite this apparent success however, Square Enix would famously declare them as under performing when compared to their impossibly high expectations.
So the question remains, what will Embracer do with these beloved franchises? Well, in their press release, Embracer states that:
The acquisition brings a compelling pipeline of new installments from beloved franchises and original IPs, including a new Tomb Raider game. The acquisition builds on Embracer’s mission of creating a leading independent global gaming and entertainment ecosystem.
Embracer has been particularly impressed by the studios’ rich portfolio of original IP, housing brands with proven global potential such as Tomb Raider and Deus Ex, as well as demonstrating the ability to create AAA games with large and growing fan bases.
Although a bit vague, this could be promising for Thief in particular, a series that’s lain dormant for almost a decade now.
As for why they’re selling these studios and their IPs, Square Enix’s press release states that:
The transaction will assist the company in adapting to the changes underway in the global business environment by establishing a more efficient allocation of resources, which will enhance corporate value by accelerating growth in the company’s core businesses in the digital entertainment domain. In addition, the transaction enables the launch of new businesses by moving forward with investments in fields including blockchain, AI, and the cloud.
Interesting choices to be sure. Rest assured that if more information regarding the sale comes to light, I’ll make sure to cover it.
UPDATE (5/20/22)
In a recently released earnings report, the Embracer Group included a brief statement about the potential for sequels, remakes, and remasters of the IP it will be acquiring when the deal is finalized.
We further strengthened our development capabilities and IP portfolio by entering into an agreement to acquire Crystal Dynamics, Eidos Montreal, and Square Enix Montreal, including Tomb Raider, Deus Ex, Thief, and Legacy of Kain and other IPs.
The announcement got an overwhelming and positive response. We see great potential, not only in sequels but also in remakes, remasters, spinoffs, and transmedia projects across the Group.
UPDATE (8/26/22)
The Embracer Group has completed its acquisition of the three studios and their respective IP. Their announcement states that:
All conditions for the transaction, including regulatory approvals, have now been fulfilled and the transaction may be completed. Embracer has, therefore, today completed the acquisition.