Deus Ex & TimeSplitters: Embracer Splits, IPs May Return

What Is the Embracer Group Split and What Does It Mean for Deus Ex and TimeSplitters?

Embracer Group has announced it will separate into two publicly listed companies through the spin-off of Fellowship Entertainment, targeting a Nasdaq Stockholm listing in 2027. According to Gematsu, Fellowship Entertainment will serve as an IP-led entertainment company built around game development, publishing, and licensing — acting as stewards of massive franchises like The Lord of the Rings and Tomb Raider.

The remaining Embracer entity will focus on entrepreneurially managed studios and a broad portfolio of owned IPs, with a sharper emphasis on profitability and selective acquisitions. As reported by GameSpot, the restructuring is explicitly designed to unlock dormant franchises — with Deus Ex, TimeSplitters, Saints Row, and Legacy of Kain named as IPs that will be 'more actively explored.' That exploration could include licensing deals with external development partners, potentially opening the door to new games in long-silent series.

For fans who have waited years for a new Deus Ex — the last mainline entry, Mankind Divided, launched back in 2016 — or for TimeSplitters to be revived after more than two decades of dormancy, this announcement is the most concrete signal yet that Embracer recognises the untapped value sitting inside its IP vault.

Which Studios and IPs Will Each Company Control After the Split?

Fellowship Entertainment will be home to some of Embracer's most prestigious studios: 4A Games (Metro), Crystal Dynamics (Tomb Raider), Dambuster Studios (Dead Island), Eidos-Montréal (Deus Ex, Guardians of the Galaxy), Gunfire Games (Darksiders, Remnant), Flying Wild Hog, Fishlabs, Warhorse Studios (Kingdom Come: Deliverance), and Middle-earth Enterprises. Its IP portfolio spans Darksiders, Dead Island, Kingdom Come Deliverance, Metro, Remnant, The Lord of the Rings, The Hobbit, Tomb Raider, and more.

The remaining Embracer will retain THQ Nordic and its 35 studios, Aspyr, Beamdog, CrazyLabs, Limited Run Games, Milestone, and Tripwire, among others. Its owned IPs include Biomutant, Destroy All Humans!, Gothic, Killing Floor, Titan Quest, and Wreckfest. As Eurogamer notes, the split creates two clearly differentiated businesses: one anchored in prestige IP and licensing, the other in entrepreneurial development and niche markets.

Rock Paper Shotgun reports that Embracer's licensing arm — housed within Fellowship Entertainment — will specifically target IP management as a dedicated revenue stream, transforming franchise ownership into recurring income across games, film, and consumer products. That structure is what makes external partnerships for dormant IPs commercially viable in a way they weren't before.

When Will the Split Happen and When Could New Games Be Announced?

The spin-off is subject to shareholder approval at a general meeting of Embracer Group, but the board is targeting a Fellowship Entertainment listing on Nasdaq Stockholm in calendar year 2027. Current Embracer CEO Phil Rogers and COO Lee Guinchard will transition to lead Fellowship Entertainment at the time of the spin-off, while a separate CEO recruitment process for the remaining Embracer has already begun.

No concrete game announcements for Deus Ex, TimeSplitters, Saints Row, or Legacy of Kain have been made yet — but the explicit naming of these franchises in official communications suggests active internal conversations. Embracer's restructuring context matters here: the group has been through significant contraction since 2023, closing studios and cancelling projects, making this new licensing-forward strategy a clear pivot toward monetising assets rather than purely developing them in-house.