Gearbox Entertainment, the parent company to Gearbox Software, has been sold to Take-Two Interactive for a whopping $460 million. This news comes amid a restructuring at the Embracer Group, which previously owned Gearbox. The conglomerate is divesting assets, and the sale of Gearbox was on the cards for a while. Gearbox’s origins can be traced back to the 1990s, and the company’s most iconic creation is the Borderlands series of games.
That’s a topic that has surfaced following the confirmation of the sale – Borderlands. In the press release talking about the acquisition, it was confirmed that Borderlands 4 is in development now, alongside a new game in the Homeworld series. Take-Two Interactive expands its portfolio with this acquisition – as if having the likes of Rockstar Games and 2K under its belt wasn’t enough.
Power Play
Take-Two Interactive has swooped in and secured Gearbox Software, acquiring the firm’s parent company from the Embracer Group. In a statement, Take-Two’s CEO, Strauss Zelnick, spoke highly of the deal:
‘Our acquisition of Gearbox is an exciting moment for Take-Two and will strengthen our industry-leading creative talent and portfolio of owned intellectual property, including the iconic Borderlands franchise. This combination enhances the financial profile of our existing projects with Gearbox and unlocks the opportunity for us to drive increased long-term growth by leveraging the full resources of Take-Two across all of Gearbox’s exciting initiatives.’
Things haven’t always been stellar for Gearbox. Over the years, the company has navigated issues including some games that failed to hit hard at launch, but the Borderlands series has remained a stable constant since first appearing in 2009. There’s a Borderlands live-action adaptation set to release this year starring the likes of Cate Blanchett and Kevin Hart.
Randy Pitchford, the outspoken CEO of Gearbox Entertainment, said:
‘Joining forces with Take-Two Interactive and 2K will help Gearbox ascend to our next level. Take-Two and 2K have demonstrated repeatedly their commitment to our engine of generating creativity, happiness, and profit. We set the bar for interactive entertainment and achieved remarkable results with groundbreaking, record-setting games when we worked together at arm’s length as partners. I’m incredibly excited about what we can accomplish now that we’re fully aligned as one.’
It’s expected that the acquisition will be closed during the first quarter of Take-Two’s FY25, which ends June 30, 2024. When it’s settled, Take-Two will own the licenses to Borderlands, Brothers in Arms, Duke Nukem, Homeworld, and Risk of Rain, among other titles. It’s a substantial library with some big-budget names, but only time will tell what Take-Two does with it.
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