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Remedy Entertainment, which released Alan Wake 2 to critical acclaim in October, has acquired all rights to the Control franchise from publisher 505 Games. Released in 2019, Control was developed by Remedy but published by 505 Games, who also had a stake in the rights to the franchise at the time. Now, after an approximately $18.4 million purchase, the entire Control franchise belongs to Remedy.
This includes the original Control game, its in-development sequel Control 2, the multiplayer spin-off Project Condor, and all future Control products.
“The Control franchise is at the core of Remedy,” the studio wrote in a statement released today. “Having acquired all rights to Control, Condor and Control 2, Remedy is now in a position to make the right product and business decisions with a focus on long-term franchise growth.”
By this agreement, all publishing agreements between 505 Games and Remedy with respect to the Control franchise are immediately terminated by mutual consent. All publishing, distribution, marketing and other licensed rights of 505 Games are also reverted to Remedy with immediate effect. However, the two companies have agreed that 505 Games will continue as the publisher of Control during a transition period ending on December 31, 2024.
After this transition period, “505 Games will have no future royalty or other control rights.”
As for the $18.4 million price tag, Remedy says it’s equal to “the amount 505 Games has paid for development of the Condor codename and Control 2 to date, including a smaller premium.”
“Remedy has the right to offset certain accounts receivable against the purchase price, and therefore the cash flow effect of the transaction will be clearly less than the purchase price,” the statement said. “Remedy will pay the net purchase price in three cash installments over the next twelve months.”
This transaction comes a few months after 505 Games’ parent company, Digital Bros Group, laid off 30 percent of its workforce to align with “the new competitive market.” Other titles published by 505 Games include Ghostrunner 2, Payday 2, and the PC version of Death Stranding, among others.
For more, read on Game Informer’s Control review, then check out Remedy’s latest update on Control 2 and their Max Payne remakes. After that, read what you can expect from the multiplayer Control spin-off Project Condor.
Are you more excited for Control 2 or Project Condor? Let us know in the comments below!
Source: gameinformer.com