Take-Two Interactive has announced its intent to purchase Gearbox Entertainment from current parent company, Embracer Group, to the tune of $460 million USD (around $700 million AUD), following reports earlier in the month that a sale of the Borderlands maker was close to being finalised.
In the sale, Take-Two will acquire Gearbox’s portfolio of IP including Borderlands and Tiny Tina’s Wonderlands, which it had previously already acted as publisher for under the 2K banner, along with Homeworld, Risk of Rain, Brothers in Arms, Duke Nukem, and all of Gearbox’s future pipeline. The future projects reportedly include sequels in the Borderlands and Homeworld franchises, as well as an “exciting” new IP.
Gearbox will operate as a studio within 2K and will continue to be led by founder and CEO, Randy Pitchford.
“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,” Take-Two CEO, Strauss Zelnick, said in a statement. “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.”
“Joining forces with Take-Two Interactive and 2K will help Gearbox ascend to our next level,” adds Gearbox founder and CEO, Randy Pitchford. “Take-Two and 2K have demonstrated repeatedly their commitment to our engine of generating creativity, happiness, and profit. We set the bar for interactive entertainment and achieved remarkable results with groundbreaking, record-setting games when we worked together at arm’s length as partners. I’m incredibly excited about what we can accomplish now that we’re fully aligned as one.
We're incredibly proud to announce we're joining the Take-Two Interactive/@2K family. pic.twitter.com/ot1gJK4TUp
— GearboxOfficial (@GearboxOfficial) March 28, 2024
Embracer Group began a process of restructuring in 2023 after a failed deal (reportedly worth $2 billion USD) caused its share prices to tank, with studio closures and game cancellations the focus of its efforts to lean down its business and leverage its portfolio of IP – which includes the likes of Tomb Raider, Deus Ex and The Lord of the Rings.
