Square Enix Sells Western Studios to THQ Parent Company
Embracer Group and Square Enix announced in a joint press release yesterday that the Swedish video game holding company would purchase three North American studios from Square Enix. The THQ parent company will acquire Eidos Montreal, Square Enix Montreal, and Crystal Dynamics as well as several IPs which were developed at those studios. When the deal closes, Embrace will own the rights to the Tomb Raider, Deus Ex, Legacy of Kain, and Thief.
The deal is set to close this summer, with Embracer paying out roughly $300 Million. A press release issued by Square Enix stated that this will “[enable] the launch of new businesses by moving forward with investments in fields including blockchain, AI, and the cloud” as well as “provide an opportunity to better align [their] overseas publishing function with [their] organization in Tokyo”.
With the sale of several studios and IPs in North America, Square Enix will continue to retain the rights to Life is Strange, Just Cause, Outriders.
You can read the full press release from Square Enix here. Embracer’s announcement can be found here.
Image courtesy of Square Enix.
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