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Embracer Spins Off LOTR, Tomb Raider to New Fellowship

5/20/2026

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Summary

Embracer Spins-Off IPs

Embracer will spin off its Lord of the Rings and Tomb Raider IPs into Fellowship.
Chair Lars Wingefors says the assets are undervalued and the spin-off will focus on IP.
Phil Rogers will become CEO of Fellowship.
Embracer will appoint a new chief executive.
Fellowship will manage Tomb Raider, add Dark Horse Media to licensing, and target two triple-A games yearly, including Tomb Raider and The Hunt for Gollum in 2027.

Summary

Embracer Spins-Off

The 2023 reset sold Gearbox and Saber Interactive, cut thousands of jobs and closed studios.
CEO Lars Wingefors said the firm avoided a hard “US corporate style” cut, letting studios and IPs prove themselves.
He stressed retaining as many staff as possible while balancing profitability.
The spin-off gives Embracer flexibility for future M&A and positions Fellowship to pursue an IP-led publishing and licensing model.

Summary

Embracer Splits Fellowship

Embracer will spin off Fellowship Entertainment via a Lex ASEA dividend that gives all Fellowship shares to Embracer shareholders, pending approval.
Fellowship Entertainment will adopt Embracer’s dual-class A and B share structure.
CFO Müge Bouillon is appointed Deputy CEO to improve governance before the split.
Embracer will webcast separation details on May 20 at 09:00 CEST and is seeking a new CEO and CFO before the 2027 Fellowship listing.

History

Historical Context

Take-Two Interactive’s 1998 acquisition of BMG Interactive led to the launch of Rockstar Games on 22 January 1999, a spin-off that later produced Grand Theft Auto III and whose GTA V title alone has sold over 220 million copies. Embracer’s 2024 spin-off of Fellowship Entertainment, headed by CEO Phil Rogers and chaired by Lars Wingefors, mirrors that model by isolating its Lord of the Rings and Tomb Raider IPs for investment.

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Embracer Spins-Off IPs

Embracer will spin off its Lord of the Rings and Tomb Raider IPs into Fellowship.
Chair Lars Wingefors says the assets are undervalued and the spin-off will focus on IP.
Phil Rogers will become CEO of Fellowship.
Embracer will appoint a new chief executive.
Fellowship will manage Tomb Raider, add Dark Horse Media to licensing, and target two triple-A games yearly, including Tomb Raider and The Hunt for Gollum in 2027.

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