Embracer Group THQQF the gaming conglomerate based in Sweden, has announced it has ambitious plans to leverage the iconic fantasy series, "Lord of the Rings," and transform it into one of the most significant gaming franchises worldwide.
Speaking on a webcast, the company's interim COO Matthew Karch said, "We own Lord of the Rings, and we know we need to be exploiting Lord of the Rings in a very significant fashion and turn that into one of the biggest gaming franchises in the world. That’s obviously something we’re going to be doing."
See Also: Underwhelming Release: 'The Lord of the Rings: Gollum' Developer Apologizes, Promises New Patch
"That’s a much better use of resources than some of the other projects that some of our teams have been working on," Karch added, as per IGN.
The comments come after the company revealed it will undergo a significant restructuring that will involve the closure of multiple studios and the cancellation of several games.
According to Polygon, the decision comes shortly after Embracer experienced an unexpected setback when a lucrative $2 billion deal fell through.
"I have a high degree of confidence this entire process is going to easily translate into better product selection that’s more profitable and that gives us a greater opportunity for growth in the future, and that helps to leverage the IP we own within our organization," Karch said.
The interim COO stated that the initial phase of cost-saving measures will have an "immediate and noticeable" impact, meaning that a yet-to-be-disclosed number of Embracer Group's 17,000 employees will be laid off as part of this process.
Embracer Group also holds the rights to the popular franchise "Tomb Raider." The acquisition of "Tomb Raider" came around the same time Embracer Group purchased Eidos, Crystal Dynamics, and Square Enix Montreal from Square Enix in 2022. Additionally, in the same year, Embracer Group obtained the licensing rights to "The Lord of the Rings" and "The Hobbit" by acquiring the rights' holder, Middle-earth Enterprises.
Earlier this year, the company revealed that it had partnered with external game developers to work on five undisclosed Lord of the Rings titles. These projects are presently under development in strict confidentiality.
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