When Embracer sold Gearbox Entertainment to Take-Two Interactive last month, it was revealed that Gearbox Publishing would be renamed, obviously to avoid conflict between the two. The publisher announced on Monday, April 8, 2024, that it has been renamed to Arc Games.
“We’re very excited to announce that we are now Arc Games!” read the official announcement from the studio. “We’re the same team of passionate gamers that brought you many believed franchises including the Remnant series, Have a Nice Death, Star Trek Online, and Neverwinter.”
ALSO READ: Helldivers 2 Becomes Best-Selling Game In The UK For A Second Month
“And we can’t wait to bring you even more exciting titles like Gigantic: Rampage Edition, Hyper Light Breaker, and more soon-to-be-announced games for 2025 and beyond! Be sure to check out the #iiishowcase on April 10th, 10 am PDT for a new Hyper Light Breaker trailer!”
The triple-I showcase is an initiative created by the studios and publishers behind Darkest Dungeon, Dyson Sphere Program, Hyper Light Drifter, V Rising, Risk of Rain 2, Slay the Spire, Vampire Survivors, My Time at Sandrock, and many more.
The date for the showcase was announced on March 28. According to a YouTube description, the showcase will last for 45 minutes and will stream across multiple platforms including Steam, YouTube, Twitch, and IGN.
“Word is out,” announced the team behind the initiative on X. “We’ve crafted a digital #iiishowcase focused on triple-I games and studios. 30+ announcements, no ads, no extra fluff—just games beamed straight into your eyeballs.”
ALSO READ: How To Create The Most Immersive VR Gaming Experience – 5 Must-Have Accessories
It will be interesting to see what Arc Games is cooking behind the scenes which will be instrumental in launching the rebranded publisher into the spotlight following the divestment of part of the establishment by Embracer.
The road from Gearbox Publishing to Arc Games
After a Saudi funding deal fell through early last year, Embrace found itself in a rough situation where its debt profile was unbearable. In June of the same year, the Swedish gaming group announced a restructuring program.
Towards the end of the year, several Embracer-owned studios were shut down including TimeSplitters maker Free Radical Design and Saints Row developer Volition. Other Embracer-owned studios announced layoffs.
ALSO READ: Embracer May Start Acquiring Studios Again, But It’s “Too Early”
Towards the end of the year, it was revealed that Embracer had put up Gearbox for sale. On March 28, 2024, Embracer announced that it had sold Gearbox Entertainment for $460 million to Take-Two Interactive. The Swedish gaming group said the proceeds from the deal will contribute significantly to lowering its debt profile and also announced that Gearbox Publishing San Francisco will be renamed.
“Today’s announcement marks the result of the final structured divestment process and is an important step in transforming Embracer into the future with notably lower net debt and improved free cash flow,” said Embracer CEO and co-founder Lars Wingefors at that time.
ALSO READ: 2 Ways To Play PS5 In Tesla Exposed
“Through the transaction, we lower business risk and improve profitability as we transition to becoming a leaner and more focused company. After evaluating several options for Gearbox, I am happy that we have reached a solution that is in the best interest of all stakeholders.
“Randy and the team have been great team members throughout the past years, and I would like to thank them all for that. As one of the world’s greatest games developers, I am confident that Gearbox will continue to innovate and thrive in their new home within Take-Two.”
The sale of Gearbox Entertainment is expected to close by the end of Q1 2024/25 financial year which will end June 2024. Embracer will be paid at closing in the form of newly issued Take-Two shares which the company plans to sell for cash proceeds after the close of the deal.
