Embracer Group faces setbacks and closures in gaming industry.
TL;DR Summary
Embracer Group, the Swedish video game and media holding company, has announced a restructuring plan that includes shutting down or selling off studios, halting or pausing development on games, and cutbacks to spending more generally. The company has been on a dizzying acquisition spree in recent years, but a $2 billion partnership it had been negotiating fell through, and it lowered its earnings forecast for the next year due to game delays. The restructuring is expected to be fully implemented by October 2023.
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