Deus Ex and Saints Row May Live Again Under Embracer's Split

Months after Deus Ex voice actor Elias Toufexis called Embracer "psychopaths" for letting the franchise rot, the publisher is signaling that dormant series like Deus Ex, Saints Row, and TimeSplitters could find new life through external partners. The catch: Embracer won't be making these games itself.

In an open letter to shareholders, Embracer founder and board chair Lars Wingefors announced the company will split into two publicly listed entities, with the spin-off planned for 2027. The new company, Fellowship Entertainment, will take stewardship of Embracer's biggest IPs, including The Lord of the Rings, Tomb Raider, and The Hobbit. Crucially, Fellowship will also house a dedicated IP licensing unit designed to find outside studios and partners to work with franchises that Embracer has left gathering dust. "Apart from the largest IPs we will more actively be exploring external partnership around our roster of other well-known IPs such as Saints Row, Legacy of Kain, Deus Ex, Red Faction, The Mask, Thief, TimeSplitters, amongst many others," Wingefors wrote.

This is the same company that cancelled an in-development TimeSplitters reboot, shut down Free Radical Design, closed Saints Row developer Volition, and reportedly killed a Deus Ex project during its brutal 2023-2024 restructuring. So the idea that licensing these IPs out represents some kind of fresh start requires a healthy dose of skepticism. Embracer destroyed the studios best positioned to make these games, and now it's hoping someone else will pay for the privilege. I'm glad these franchises aren't being left to die in a vault, but let's not pretend this is generosity; it's Embracer trying to extract value from IPs it couldn't manage.

Fellowship Entertainment will include studios like Eidos Montreal, Crystal Dynamics, Warhorse Studios, 4A Games, and Gunfire Games, according to the official announcement. The remaining Embracer entity keeps THQ Nordic, Aspyr, Limited Run Games, Milestone, and others. Wingefors described the split as a way to "increase management focus" across both businesses, with Fellowship chasing growth through its franchise portfolio and the leaner Embracer pursuing "disciplined capital allocation" and selective acquisitions.

The licensing language is deliberately vague, and Wingefors didn't confirm any specific new games or timelines. These partnerships could just as easily produce film or TV adaptations rather than the sequels fans actually want. Still, for anyone who's spent the last few years watching Embracer shelve franchise after franchise, even the possibility of a new Deus Ex or a properly handled Saints Row is more than we had yesterday.