Just Cause developer sells a minority stake for 10 million USD to Nordisk Film.
Nordic media giant Nordisk Film (Egmont), who produce movies, TV shows, distribute PlayStation in the Nordic territory, among other things, has recently begun making some moves in the video game space hiring former Massive Entertainment boss Martin Walfisz to oversee investments in video game companies.
The first such move was investing in start-up Lightbulb Games, made up of former Press Play employees who are working on a game called Pioneers. The second move is far more high-profile and sees the media company investing 10 million USD for a minority ownership share in Avalanche Studios, best known for the Just Cause franchise.
Avalanche Studios, who has been branching out in the mobile space as well as their recently released hunting game The Hunter: Call of the Wild (soon arriving on consoles as well), currently employs more than 270 people across their Stockholm and New York locations.
"It's great to have Nordisk Film on board as partner", said Pim Holfve, CEO of Avalanche Studios. "With a solid background from a range of creative industries, they understand our business well and have a matching company culture. This investment allows us to further accelerate toward our goal of developing and self-publishing more high quality games."
"I am excited that we have the opportunity of becoming co-owners of Avalanche Studios, which has a very solid and proven track record in the global gaming market", commented Allan Mathson Hansen, CEO of Nordisk Film, who will join Avalanche Studios' Board of Directors. "We are investing heavily in gaming and look forward to working with Avalanche Studios on bringing the company to the next level. Gaming fits our profile very well. We are used to working with creative people, commercializing creative products and developing IPs."