Embracer Seeks External Studios to Revive Deus Ex and Thief

Author Avatar
By Gaming News
21 May 2026 no comments
Embracer Group is shifting its operational model to emphasize third-party licensing for its historical IP catalog

Embracer Group has announced a major corporate restructuring that will divide the conglomerate into two separate public entities. As part of this transition, the company plans to aggressively leverage its vast catalog of dormant intellectual properties by outsourcing development to external studios.


Key Takeaways
  • Embracer Group is splitting into two public entities, with a new company called Fellowship Entertainment managing major properties like Tomb Raider and The Lord of the Rings.
  • The company will actively seek external development partners to revive dormant franchises, including Deus Ex, Thief, Saints Row, and Legacy of Kain.
  • This pivot follows years of internal cost-cutting, high-profile project cancellations, and structural reorganization across Embracer’s internal studios.

Which Classic Franchises Could Return Under Embracer’s New Strategy?

Embracer Group plans to revive several dormant franchises by partnering with external development studios. Board chair Lars Wingefors explicitly named Deus Ex, Thief, Saints Row, Legacy of Kain, Red Faction, The Mask, and TimeSplitters as properties targeted for these new third-party licensing agreements.

In an official statement detailed in an open letter to shareholders, Wingefors explained that a newly formed IP and licensing business unit will oversee these efforts. The strategy aims to generate recurring revenue from established brands without requiring the conglomerate to fund the entirety of the internal development costs.

This decision marks a clear departure from Embracer’s previous strategy of acquiring studios to build games entirely in-house.


Why is Embracer Pivoting to External Partnerships?

The decision to look outside the company for development resources comes after a volatile period of internal restructuring. Over the past few years, Embracer cancelled an in-development TimeSplitters reboot, shuttered Saints Row developer Volition, and reportedly cancelled a planned Deus Ex title at Eidos-Montréal.

With internal studios facing significant layoffs and downsizing, many of the original creators are no longer in a position to lead massive new projects.

Eidos-Montréal, for example, has shifted toward a support role for external publishers, leaving the future of Deus Ex and Thief dependent on external teams.

Financially, the company is shifting its internal metrics to focus on “Cash EBIT,” removing game development capitalization to provide a more transparent view of project returns.

By licensing these properties to external publishers and developers, Fellowship Entertainment seeks to mitigate financial risk while keeping its historical catalog active in the market.

Read this post in:

Share:
Author Avatar

A video game enthusiast ever since I first got my hands on a Game Boy. Over the years, I've played many different games across various genres, discovering hidden gems and niche titles along the way. I'm also passionate about technology, always up-to-date with the latest news and insight in the PC and Console market. Ready to share and bring you the latest news !

Download the Allkeyshop Browser Extension Free

For all the latest video game news, trailers, and best deals, make sure to bookmark us. You can find all the best and cheapest online deals on CD keys, game codes, gift cards, and antivirus software from the verified CD key sellers on our store pages.
To not miss any news on Allkeyshop, subscribe on Google News .

MORE RELEVANT ARTICLES