Asmodee, Dark Horse Comics Owner Embracer Group Announces Plans to Split into Three Companies

Embracer Group to split into three companies.

Embracer Group, the gaming giant that owns THQ Nordic, Crystal Dynamics, Asmodee, and Dark Horse Comics, has announced plans to split off into three separate, publicly traded companies. Today, Embracer Group announced plans to split their massive conglomerate into three parts, with separate focuses on AAA games, indie and mobile games, and tabletop games. The three newly formed companies will be Asmodee (tabletop gaming), Coffee Stain & Friends (A/AA and mobile games), and Middle-Earth Enterprises & Friends (AAA games). Dark Horse Comics, which is currently owned by Embracer Group, will be owned by Middle-Earth Enterprises & Friends. 

While the three companies are splitting off, Embracer noted that “ongoing and future collaboration around IPs, companies and people” will still be encouraged, with Asmodee’s current licensed Lord of the Rings IPs specifically named in the press release announcing the split. 

Embracer Group had previously engaged in a major spending spree over the last several years, buying the game, movie, and TV rights to Lord of the Rings, as well as several game studios and other companies like Dark Horse Comics. However, it announced a planned restructuring and consolidation last year after a major financing deal fell through.

Explaining its rationale, Embracer explained that the company’s ongoing restructuring (which resulted in layoffs across many of its subsidiaries) did not create “optimal conditions for future value conditions” and that a split was proposed to allow for better utilization of resources and allow for better greenlighting of projects and resource allocation.

Surprisingly, of the three new entities, Asmodee is the largest in terms of net sales, with the company’s net sales of SEK 14.8 billion (approximately $1.35 billion) outpacing the other two companies as of YE 2023. 

Asmodee is expected to be spun off into a separate company in the next 12 months, with Coffee Stain and Friends’ occurring in 2025.