THE Remedy Connected Universe has good days ahead of him, especially sinceAlan Wake 2 was a great success for the studio, despite the fact that it was only released digitally. No doubt in a desire to completely emancipate oneself and be able to develop one’s projects according to one’s desires, Remedy announced this Wednesday the full acquisition of the rights to the Control license from 505 Games, including in particular publication, distribution and marketing. In this way, “Remedy is now able to make the right product and business decisions by focusing on the long-term growth of the franchise”, which will come through the future games that are the project Condor And Control 2of which we have seen almost nothing and the last news of which dates back to the end of 2023.
According to the press release, this will also to allow to Remedy to be able to better negotiate future agreements for future games Control and the existing, with the possibility of weighing your options between self-publishing or finding a new publishing partner. Below you will find the terms of the agreement which was passed:
- Termination of agreements : the publishing agreements for Control, codenamed Condor and Control 2 are immediately terminated by mutual agreement.
- Reversion of rights : For Control 2 and codename Condor, all publishing, distribution, marketing and other rights licensed to 505 Games revert to Remedy with immediate effect. 505 Games will remain the publisher of Control during a transition period ending December 31, 2024, under the terms of Control’s original publishing deal. Additionally, 505 Games continues to administer existing B2B agreements for Control until their agreed upon expiration dates. After the transition period and the expiration of these B2B agreements, 505 Games will have no royalties or other future control rights.
- Purchase price and cash flow effect : the maximum purchase price for the transaction isaround 17 million euros, which is equivalent to the amount 505 Games has paid to date for development of codenamed Condor and Control 2, including a minor bonus. Remedy is entitled to deduct certain receivables from the purchase price and, therefore, the cash flow effect of the transaction will be significantly lower than the purchase price. Remedy will pay the net purchase price in three cash installments over the next twelve months.
THE CEO of Remedy Tero Virtala took the floor to comment on this operation:
Since we signed with 505 Games in 2017 to develop and publish Control, we have enjoyed a good partnership to make Control a successful game that has sold over 4 million units and generated revenue shareable net of around 100 million euros for Remedy and 505 Games. As part of Remedy’s long-term strategy to increase ownership of our company and the licenses we have created, we have regained all rights to Control and the games Condor and Control 2 in development. Having complete ownership of the Control franchise gives us the freedom to decide the best path forward. We will carefully consider our options, knowing that Control is considered an attractive franchise by many partners. Both Condor and Control 2 have made good progress in recent months and we expect these projects to reach their next stages of development during the first half of 2024. The development of Condor and Control 2 will continue as normal considering the best publishing, distribution and financing model for these projects.
As we part ways amicably, I would like to take this opportunity to thank the team at 505 Games for our partnership over the years and for helping build Control into a game franchise with great potential. future.
If you would like to purchase a physical edition of Control edited by 505 Games before it’s possibly too late, it’s still possible to find it on Amazon at the price of €27.87. The PC version is sold for €35.99 at the house of Gamesplanet.
| Alexandre SAMSON (Omega Law) Responsible Proofreader – Editor | ||
| Addicted to Assassin’s Creed and Destiny, big fan of RPGs and passionate about video game experiences in general. Reader of comics (DC) and various mangas (One Piece!). Chemist by training and Whovian at heart. | ||
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