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GRTV News - Borderlands developer Gearbox is being sold to Take-Two Interactive

Embracer is offloading the company with plans for a sale to be completed by the end of June.

Audio transcription

"Hello everyone and welcome back to another episode of GRTV News, today we have a really big one for you, there's a couple of actually really big news pieces that happened or news stories that happened lately that we could have talked about today, including the sort of Marvel Rivals game that's coming up, the announcement of that game, because it looks really quite interesting. But no, today we're going to be talking about something that's happened very, very recently, in that Gearbox has been sold for, or should we say, is in the process of being sold from Embracer and is being acquired by Take-Two Interactive."

"So Gearbox is getting out of the sinking ship that is Embracer, it's moving over to Take-Two Interactive, not in its entirety, it's only parts of Gearbox are doing that, other parts of the sort of wider Gearbox family is sticking with Embracer, but we've also had some teasers about what Gearbox is working on in the future, and while many of us probably would have been under the assumption this was happening anyway, it's now been confirmed. So with that being the case, let's dive on in. So Gearbox is being sold to Take-Two Interactive, the Borderlands developer has been freed from Embracer. With the ship that is Embracer Group taking on water at an increasingly rapid rate, many have wondered whether Borderlands developer Gearbox will be another casualty of the Swedish publisher's financial woes. Thankfully, it won't. Gearbox is being sold by Embracer to Take-Two Interactive, all for a fee of $460 million. The fee in its entirety will be paid in the form of Take-Two shares, with Embracer intending to sell said shares to receive cash proceedings. The sale is expected to be complete in the first quarter of the 2024-25 fiscal year, which concludes at the end of June 2024. The deal is, however, not the entirety of Gearbox and its IP. We're told that Gearbox Software, Gearbox Montreal, Gearbox Studio Quebec, and the Borderlands Tiny Teeners Wonderlands Homeworld Risk of Rain Brothers in Arms and Duke Nukem franchises are all moving to Take-Two, whereas Gearbox Publishing San Francisco, which will be renamed Posteel, the Remnant and Hyperlight Breaker franchises, Cryptic Studios and Neverwinter Online and Star Trek Online, Lost Boys Interactive and Captured Dimensions are all staying with Embracer."

"These retained companies will be integrated into other parts of the Embracer group. Take-Two Interactive has already commented on the sale and mentioned that Gearbox's upcoming pipeline includes five sequels, two of which are from the Borderlands and Homeworld franchises and at least one exciting new intellectual property. 2K's president David Ishmailo went a step further to state, we have loved partnering with Gearbox in every iteration of the Borderlands franchise and are excited to be in active development on the next instalment in the series. So there we have it, more Borderlands is coming and Embracer will no longer own Gearbox. Pretty big deal if you ask me. I think we've known for a while that Gearbox has been looking to get out of Embracer, whether that means them going indie, whether that means them sort of being sold to someone else. Something was coming on this front because clearly this Embracer ownership phase of Gearbox has not been the match made in heaven, shall we say. Not that it has been for many developers, shall we say, either. Embracer's been a difficult company to work under for multi-unit companies by the looks of things. So Gearbox is the latest one to get out from that. Take-Two is an interesting company to go to. Again, they have a bit of history, Gearbox and Take-Two, so it kind of seems like a good fit. Again, not all of Gearbox's stuff is going over to Take-Two. Some of the more MMO and wider scale things like Star Trek Online and Neverwinter, they're not going. Neither is Remnant, which I find quite interesting because I think Remnant's one of those franchises that's on the bit of an up-and-up at the moment. But yeah, Remnant's sticking with Embracer. But Borderlands Homeworld, which is getting a sequel relatively soon in Homeworld 3, which I'm assuming is one of the two sequels, or one of the five sequels, shall we say, that Take-Two mentioned in their press release that's on the way. But yeah, otherwise we know that another Borderlands sequel's on the way, and it's, yes, the next instalment in the franchise. So whereas Take-Two says that the five sequels, one of which is from the Borderlands franchise, the comment from David Ishmailer confirms that it is Borderlands 4, with it being the next instalment in the franchise. So a lot to take from it, really. A lot of interesting news there. Embracer's selling Gearbox for $460 million to Gearbox. The sale's expected to be concluded by the end of June 2024. Not all of Gearbox is going over to Take-Two. Some of it's staying with Embracer, but the parts that are going to Take-Two include Borderlands, Tiny Tina's Wonderlands, Homeworld, all that good stuff. And we also know that five sequels are in development at this, parts of Gearbox that have been sold to Embracer, including the next instalment of the Borderlands franchise. So take that what you will, and otherwise let us know below what you think about it. Do you think this is the right move for Gearbox, or do you think that perhaps they should have stayed with Embracer? Let us know what you think below. But otherwise, this has been the last GLTV News of the week as we're going into Easter weekend, so I will see you all on Tuesday next week, actually. So stay tuned for more GLTV News then. Take care, everyone."

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