[STEAM] Embracer Group will split in two as it spins out Middle-earth-related Fellowship Entertainment

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said it will split itself in two as it spins off Fellowship Entertainment, a division that includes Middle-earth Enterprises (with The Lord of the Rings intellectual property), Crystal Dynamics (Tomb Raider), Dark Horse Media, Eidos Montreal, and Warhorse Studios (owner of Kingdom Come: Deliverance).

Fellowship Entertainment will become a separate, publicly traded company, starting sometime next year. Warhorse Studios is working on an open-world Middle-earth RPG and a new Kingdom Come title.

Embracer Group CEO Lars Wingefor said in a statement that the spinoff is a different kind of restructuring than past layoff and divestment efforts, as it will form “separate business segments with two different strategies.”

Embracer has already spun off or otherwise separated from Coffee Stain, Asmodee, Gearbox and Saber.

The remaining companies under Embracer will be decentralized, with a focus onTHQNordic (all studios), Aspyr, Plaion Partners, Deca, Demiurge, Vertigo Games, and Beamdog. These studios will target PC and console games, mobile games and entertainment.

Fellowship is going to be a more tightly-structured, IP-driven entertainment company. And that is going to give it a more focused strategy and business plan. 

Fellowship Entertainment is expecting to launch two projects starting in fiscal year 27 (ending March 31, 2027) and FY28. It will focus on increasing the value of IP through additional licensing revenue. Besides The Lord of the Rings, Fellowship will also have the Tomb Raider IP. And it will focus on licensing efforts for Kingdom Come: Deliverance, Dead Island, Darksiders, Thief, Saints Row, Deus Ex, and Timesplitters. Dark Horse Media will also operate as part of this IP and licensing unit. That could include film and TV.

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