Embracer Group is a company that will be studied for a while. After going on a buying spree and gobbling up video game studios, Asmodee (the tabletop game publisher), Dark Horse, and more, the company in April 2024 announced it was going to split into three different entities, Asmodee Group, Coffee Stain & Friends, and Middle-earth Enterprises & Friends. During that announcement, it was stated that each entity would be a separate, publicly listed company.

In an announcement released today, Embracer has announced its intention to separate the group into two publicly listed companies, through the spin-off of Fellowship Entertainment with a listing on Nasdaq Stockholm planned for calendar year 2027.

Fellowship Entertainment will be the home of: 4A Games, Crystal Dynamics, Dambuster Studios, Dark Horse Media, Eidos-Montréal, Fishlabs, Flying Wild Hog Studios, Gunfire Games, Middle-earth Enterprises, Redoctane Games and Warhorse Studios.

Fellowship Entertainment aims to create a new publishing group, operationally consolidating the talents from PLAION and other parts of the group. IPs include Darksiders, Dead Island, Kingdom Come Deliverance, Metro, Remnant, The Hobbit, The Lord of the Rings, Tomb Raider, and many more.

It’s focus will be to create “recurring revenue streams across games, film, consumer products, and additional areas.

Embracer will focus on mergers and acquisitions and four business areas; PC/Console Games, Mobile Games, Entertainment and Services, and “Other.”

Embracer’s CEO Phil Rogers COO Lee Guinchard will transition to Fellowship Entertainment when that spins off along with CFO Müge Bouillon.

Embracer is in the process of finding a new CEO and CFO.

This is the latest shake up for the company that has been full of them for years. The company stated in 2023 a $2 billion deal collapsed while it also suffered low earnings and just this year Dark Horse founder Mike Richardson left the company after 40 years with it.