‘Lord of the Rings’ Owner Embracer Facing Restructure, Lay-Offs, Games Studio Closures; Appoints Interim COO

variety.com:

K.J. Yossman “Lord of the Rings” owner Embrace Group has unveiled a dramatic company restructure including the appointment of a new COO, a new CSO, studio closures and lay-offs. “Today we announce a comprehensive restructuring program that will enable us to realize untapped potential in Embracer Group and better optimize the use of our resources.

Across the group, we are now initiating multiple actions to strengthen our cash flow generation and leverage our portfolio of IPs to become a stronger company and setting out on a stable future to build even greater games to the benefit of gamers and fans across the globe ”, said Lars Wingefors, CEO and co-founder of Embracer. More to come… Read Wingefors’ full letter below: Everyone, This morning we announced a restructuring program across the Embracer Group that will make us a leaner, stronger and a more focused, self-sufficient company.

I want to share some background and context to this decision – and what it means for us going forward. During the past years, Embracer invested significantly both in acquisitions and into a strategy of accelerated organic growth.

We have acquired some of the world’s leading entertainment IP and we have invested into one of the largest pipelines of games across the industry.