Take-Two Interactive has announced its intent to purchase Gearbox Entertainment from its current parent company, Embracer Group, for $460 million, following rumors earlier in the month that a sale of the Borderlands maker was being finalized.
In the sale, Take-Two will acquire the following IP through the sale:
- Borderlands and Tiny Tina’s Wonderlands
- Homeworld
- Risk of Rain
- Brothers in Arms
- Duke Nukem
- All of Gearbox’s future pipeline projects.
The future projects reportedly include sequels in the Borderlands and Homeworld franchises, including an “exciting” new IP.
Gearbox will operate as a studio within 2K and will be led by Founder and CEO, Randy Pitchford, and his management team. In a statement released on X (formerly Twitter), Pitchford said the following about the acquisition:
Take-Two CEO, Strauss Zelnick, said in another statement. “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. This combination enhances the financial profile of our existing projects with Gearbox and unlocks the opportunity for us to drive increased long-term growth by leveraging the full resources of Take-Two across all of Gearbox’s exciting initiatives.”
Embracer Group began a process of restructuring in 2023 after a failed deal (reportedly worth $2 billion) caused its share prices to tank, with studio closures (Such as Volition, the creators of Saints Row) and game cancellations the focus of its efforts to lean down its business and leverage its portfolio of IP.
