Remedy takes Control back from 505 Games for €17M

Remedy Entertainment announced today that is has acquired the rights to its flagship game Control from publishing partner 505 Games for €17 million. The developer now retains full rights to publish, distribute and market Control and its sequels and spinoffs. It also updated investors on the progress of said sequel and spinoff — namely, that it’s considering future partners for Control 2 and its multiplayer spinoff.

According to the agreement, the current publishing agreement between 505 Games and Remedy is “terminated by mutual agreement,” though 505 will remain Control’s publisher for a transition period through the end of the year. Publishing, distribution and other rights to Control 2 and Condor — the aforementioned multiplayer spinoff — revert to Remedy immediately.

Tero Virtala, Remedy’s CEO, praised the partnership with 505 Games in a statement, saying, “Having complete ownership over the Control franchise gives us the freedom to decide the best path forward. We will consider our options carefully, knowing that Control is considered an attractive franchise by many partners… As we amicably part ways, I would like to take this opportunity to thank the 505 Games team for our partnership over the years and for helping to establish Control as a gaming franchise with a lot of future potential.”

The price, €17 million, is the amount that 505 Games has already put towards Control 2 and Condor’s development, plus a small premium. Remedy says in its statement to investors, “Remedy will pay the net purchase price in three cash instalments during the next twelve months.” Virtala added that Remedy expects Control 2 and Condor to enter their next development phases sometime early this year.”

GamesBeat’s creed when covering the game industry is “where passion meets business.” What does this mean? We want to tell you how the news matters to you — not just as a decision-maker at a game studio, but also as a fan of games. Whether you read our articles, listen to our podcasts, or watch our videos, GamesBeat will help you learn about the industry and enjoy engaging with it. Discover our Briefings.

Source link

About The Author

Scroll to Top