Embracer Group Spins Off Fellowship Entertainment to Explore Partnerships for Deus Ex, Saints Row, and Other Dormant Franchises

Embracer Group, the Swedish holding company that amassed one of the largest libraries of intellectual properties in gaming, has announced the creation of a new business unit, Fellowship Entertainment. The spin-off is designed to unlock the value of its vast portfolio, signaling a strategic pivot that could breathe new life into beloved but dormant franchises like Deus Ex, Saints Row, and TimeSplitters. While no new games have been confirmed, the move represents Embracer's clearest signal yet that it is open to external partnerships for these properties.

The Fellowship Entertainment Spin-Off – A New Strategy for Undervalued IPs

On May 20, Embracer Group founder and chair Lars Wingefors published an open letter detailing the company's restructuring. Central to the announcement was the creation of Fellowship Entertainment, a separate business unit tasked with expanding Embracer's major franchises—The Lord of the Rings, Tomb Raider, and others—while simultaneously exploring external partnerships for a roster of dormant IPs.

"Fellowship Entertainment will more actively be exploring external partnerships for IPs such as Saints Row, Legacy of Kain, Deus Ex, Red Faction, The Mask, Thief, and TimeSplitters," Wingefors wrote. The rationale, he explained, is to "increase management focus to capture the full joint potential of the IPs" and to attract a larger pool of international investors.

It is important to note that Fellowship Entertainment's mandate covers both active and dormant IPs. The unit will oversee expansion of Embracer's biggest franchises while actively seeking third-party deals for those that have been underutilized. Fellowship Entertainment is set to be listed on the Nasdaq main market in 2027, signaling a long-term commitment to monetizing these properties. Wingefors described Embracer's hundreds of IPs as "among the most undervalued in the industry," adding that it is his "duty as the largest shareholder to change this."

Troubled Histories – The Dormant Franchises at Risk

The franchises included in Fellowship Entertainment's partnership mandate come with complex, often painful histories. Saints Row, once a flagship open-world series, was revived in 2022 with a reboot that received a 6/10 from IGN and was met with depressed sales. Developer Volition was shuttered in 2023, and former design director Chris Stockman later stated the series was "dead" and that Embracer had "zero ability" to revive it.

Deus Ex has been dormant since 2016's Deus Ex: Mankind Divided. Lead actor Elias Toufexis publicly called Embracer "psychopaths" in 2024 after a new Deus Ex project—reportedly worked on for two years—was canceled amid the company's restructuring. The project's demise was a bitter pill for fans who had hoped for a follow-up.

TimeSplitters faced a similar fate. A revival was announced in 2021 with the reestablishment of Free Radical Design in Nottingham, UK. But the studio was shut down in December 2023 during Embracer's restructure, and the game was never released. The series, a cult classic from the early 2000s, remains in limbo.

Other IPs on the list—Thief, Legacy of Kain, Red Faction, and The Mask—have been absent from the gaming landscape for years, making them prime candidates for third-party resurrection. But the track record suggests that any revival will require careful handling and significant investment.

Embracer's Big Bets – Prioritizing Major Franchises

While Embracer is open to external partnerships for these dormant franchises, it is simultaneously doubling down on its biggest moneymakers. The company is prioritizing expansion of The Lord of the Rings/Middle-earth, Tomb Raider, Kingdom Come: Deliverance, Dead Island, Darksiders, Remnant, and Metro series.

Several projects are already confirmed. Warhorse Studios, owned by Embracer, is working on a Lord of the Rings RPG and a new Kingdom Come game. Crystal Dynamics has two Tomb Raider titles in development. Dead Island 3 and Metro 2039 are on the docket, and a third Remnant game is likely but unannounced. Embracer plans to increase its release cadence to at least two games per year starting fiscal year 2027/2028 and will adapt "new technologies and AI."

Wingefors also addressed the 2023 layoffs, which saw thousands of employees let go across the company's subsidiaries. He stated that Embracer "worked hard to retain as many people as possible" and chose not to do a "hard 'US Corporate style' headcount reduction," instead giving studios and IPs a chance to prove themselves.

Conclusion

Embracer Group's creation of Fellowship Entertainment marks a pivotal moment for its sprawling portfolio of intellectual properties. While the company is doubling down on its biggest franchises like The Lord of the Rings and Tomb Raider, the explicit exploration of external partnerships for dormant series like Deus Ex, Saints Row, and TimeSplitters offers a glimmer of hope for fans who have watched these beloved IPs languish. However, the troubled histories of these franchises—marked by canceled projects, studio closures, and mixed reception—suggest that any revival will require careful handling. As Embracer navigates its restructuring and plans for a 2027 listing, the next few years will determine whether these "undervalued" IPs can be successfully revived or if they will remain relics of gaming's past. Whether these franchises find new life through partnerships or remain dormant, Embracer's gamble will be one of the most watched stories in gaming over the next five years.