Gaming Giant Embracer Group Announces Restructuring Involving Layoffs, Studio Closures

Embracer Group, which owns 138 studios and over 16,500 employees, is undergoing a financial restructuring that involves closing studios, cancelling games, and laying off employees.
The restructuring plan includes closing some studios, cancelling some unannounced games, cancelling some announced games that have "low projected returns", focusing more on internal development with intellectual properties they own or control, and creating a more-centralised process for deciding and approving what they do make.
Embracer owns the rights to over 850 franchises, including Gearbox, Crystal Dynamics, Volition, and the rights to The Lord Of The Rings.
Embracer's CEO says the restructuring plan will transform the company from a heavy-investment-mode to a highly cash-flow generative business this year, reducing debt and risk.
The restructuring plan won't impact Crystal Dynamics' work with Microsoft on a new Perfect Dark or the new Tomb Raider they're making for Amazon.