The video game developer that owns the rights to Tomb Raider and Lord of the Rings announced Tuesday that it’s closing studios, ending projects that haven’t yet been announced, consolidating some of its companies and shedding some of its 17,000 employees, though it did not specify how many. Embracer did not respond to The Logic’s questions on how this will affect its Canadian workers. (The Logic)
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The video game developer that owns the rights to Tomb Raider and Lord of the Rings announced Tuesday that it’s closing studios, ending projects that haven’t yet been announced, consolidating some of its companies and shedding some of its 17,000 employees, though it did not specify how many. Embracer did not respond to The Logic’s questions on how this will affect its Canadian workers. (The Logic)
Talking point: Ten of Embracer’s 138 studios are in Canada, many of which are located in Montreal. The company shut a Montreal game studio last November, after acquiring it just months before. After investing in acquisitions and entertainment rights, the company is focusing on generating cash flow to “meet the worsening economy,” said CEO Lars Wingefors in an open letter. The restructuring announcement comes weeks after Embracer’s US$2-billion deal with an undisclosed partner fell through.
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