Remedy Entertainment has announced the acquisition of all publishing, distribution, marketing and other intellectual property rights to the franchise. Control by 505 Games. This transaction includes the rights to Control, the four-player cooperative multiplayer spin-off Condor, Control 2 and all future Control products.
The key terms of the transaction are as follows:
- Termination of Agreements: Publishing agreements for Control, the Condor code project, and Control 2 are terminated immediately by mutual agreement.
- Reversal of Rights: For Control 2 and the Condor code project, all publishing, distribution, marketing and other rights licensed to 505 Games will revert to Remedy effective immediately.
- Purchase Price and Effect on Cash Flow: The maximum purchase price for the transaction is approximately €17 million. Remedy will pay the net purchase price in three cash installments over the next twelve months.
According to Remedy Entertainment, this transaction will allow it to negotiate better deals for current and future Control games. Options between self-publishing or finding a new publishing partner for Project Condor and Control 2 will be evaluated.
Remedy Entertainment CEO Tero Virtala said: “Since signing with 505 Games in 2017 to develop and publish Control, we have enjoyed a good partnership in building Control into a successful game that has sold over four million units. and has generated shared net revenues of approximately €100 million for Remedy and 505 Games. “As part of Remedy’s long-term strategy to have more ownership over our business and the IP we have created, we have regained all rights to Control and the ongoing Condor and Control 2 projects.”
Virtala went on to thank the 505 Games team for their partnership over the years and for helping establish Control as a game franchise with a lot of future potential.
Fountain: Gematsu
