Alan Wake 2 developer Remedy has announced via an investor update today that it’s acquired the rights to the Control IP from 505 Games, which published the first game and was funding development of Control 2 and an in-universe multiplayer spin-off currently codenamed Condor, for nearly $30 million.
The move will mean that Remedy has full freedom to decide its own publishing and/or financing paths for the projects, including potentially seeking partners at other companies, as well as creative control over the games’ development, marketing and everything else.
Remedy’s CEO Tero Virtala said in a statement: “Ever since we signed up with 505 Games in 2017 to develop and publish Control, we have enjoyed a good partnership in building Control into a successful game that has sold over 4 million units and generated shareable net revenue of approximately EUR 100 million to Remedy and 505 Games. As part of Remedy’s long-term strategy to have more ownership over our business and the IPs we have created, we have gotten back all rights for Control and the in-development Condor and Control 2. Having complete ownership over the Control franchise gives us the freedom to decide the best path forward. We will consider our options carefully, knowing that Control is considered an attractive franchise by many partners. Condor and Control 2 have both progressed well in recent months and we expect these projects to reach their next development stages during the first half of 2024. The development of Condor and Control 2 will continue normally when we consider the best publishing, distribution and financing model for these projects.”
Remedy’s most recent game, Alan Wake 2, has been a huge success and no doubt helped in the studio being able to buy the rights to Control. The game was a critical success (we scored it a 9.5/10 in our review) and has sold over 1.3 million copies to date.
Virtala said at the time that sales milestone was announced, “The successful launch of Alan Wake 2 has supported our other game projects: Condor, Control 2 and Max Payne 1&2 remake have all increased development pace thanks to the personnel released from Alan Wake 2, and we expect these projects to reach their next development stages during the first half of 2024. We now have two established franchises: Control and Alan Wake, which are linked through the Remedy Connected Universe. Growing and expanding these franchises will be a key part of our future.”
