Embracer Group’s $2 Billion Mystery Partner Revealed: Saudi Government-Funded Savvy Games Group

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The identity of the partner who backed out of the $2 billion deal with Embracer Group has finally been disclosed. It is said to be Savvy Games Group, a company funded by the Saudi Arabian government.

Savvy Games Group, as per Axios, expressed interest in partnering with The Embracer Group for game publishing, aiming to solidify its position in the gaming industry. The reasons behind Savvy Games Group's decision to withdraw from the deal, however, remain uncertain.

Breaking News: It has been revealed that the undisclosed partner who withdrew from a $2 billion agreement with the Embracer Group (known for popular franchises such as Tomb Raider, Lord of the Rings, and Saints Row) in May of last year was the Savvy Games Group, which is funded by the Saudi government. This development has significant consequences for both parties involved. For more details, you can read the full story by Stephen Totilo here: [link to the story].

In May, gaming company The Embracer Group disclosed that a significant partnership it had anticipated fell through unexpectedly, despite receiving a verbal agreement in October 2022. This partnership would have brought The Embracer Group over $2 billion in contracted development earnings over a span of six years. At the time, The Embracer Group did not disclose the identity of the partner, but it is now believed to be Savvy Games Group.

As a result of the failed deal, Embracer made the decision to shut down certain studios and implement staff layoffs. One of the affected studios was Campfire Cabal, which was assigned to take over the development of the Expeditions series. Fortunately, Crystal Dynamics, the studio responsible for working on the Perfect Dark and Tomb Raider projects, was not affected by these changes.

Savvy Games Group is a division of the Public Investment Fund (PIF), which is Saudi Arabia's sovereign wealth fund. In recent years, PIF has made significant investments in the gaming industry, including acquiring a 5% stake in Nintendo. Additionally, Saudi Arabia has also invested in Take-Two Interactive and Electronic Arts, demonstrating its interest in expanding its presence in the gaming sector.

George Yang is an independent writer who has been covering the gaming industry since 2019. He has contributed to various publications, including Insider, Kotaku, NPR, and Variety.

When George is not busy writing about video games, he is typically found engrossed in playing them. It comes as no surprise that he has a love for gaming. If you want to keep up with his gaming

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