After several rumors and much speculation, Embracer Group confirmed the sale of Gearbox Entertainment, the company responsible for Borderlands and more franchises. As reports had stated, Take-Two was the one who pulled out the wallet and paid $460 MDD for the studio and its most prominent IPs.
Through a press release, the companies revealed the terms of their agreement, as the assets of Gearbox Entertainment will be divided. Take-Two took advantage of the announcement to confirm that they are now the new owners of Borderlands and that they are already working on the next installment of the saga.
Gearbox and Borderlands are now owned by Take-Two
The situation for Embracer Group hasn't quite improved after a multi-million dollar deal fell through. This led to restructuring, layoffs, studio closures, project cancellations and the sale of talented development teams.
Embracer Group acquired Gearbox for $1300 million in 2021 and will now sell it for $460 million to Take-Two. The acquisition is expected to be completed sometime in June this year. As mentioned, Gearbox's assets will be split between the 2 companies.
According to the details, Take-Two will have control of Gearbox Software, Gearbox Montréal and Gearbox Studio Quebec. In addition, franchises such as Borderlands, Tiny Tina's Wonderlands, Homeworld, Risk of Rain, Brothers in Arms and Duke Nukemwill pass into their hands.
Embracer Group will keep Cryptic Studios, Lost Boys Interactive, Captured Dimensions and Gearbox Publishing San Francisco, which will change its name before its closure. On the other hand, it was confirmed that Gearbox will continue to operate under the leadership of Randy Pitchford.
"Our acquisition of Gearbox is an exciting moment for Take-Two and will strengthen our industry-leading creative talent and portfolio of owned intellectual property, including the iconic Borderlands franchise", said Strauss Zelnick, president and CEO of Take-Two.
Borderlands 4 is a reality and is on its way
David Ismailer, president of 2K, welcomed Gearbox and celebrated the more than 2 decades they have worked together. To everyone's surprise, the executive talked about the future of Borderlands and confirmed that the next installment of the series is already in development and on its way. For now, he did not share more details about it, so it is not known when it will be ready.
"We are thrilled to welcome Randy Pitchford and his team of passionate, talented developers to 2K and we look forward to releasing numerous projects in the future as colleagues. We have loved partnering with Gearbox on every iteration of the Borderlands franchise and are excited to be in active development on the next installment in the series," Ismailer revealed.
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