Remedy Entertainment has announced that it has officially acquired all rights to publish, distribute, and market the Control Intellectual Property as well as other rights concerning the series from 505 Games. The deal includes the rights to Control, codename Condor, and Control 2. According to the developer, “the maximum purchase price for the transaction is approximately €17 million, which equals the amount that 505 Games has paid for the development of codename Condor and Control 2 to date including a minor premium.” Lastly, according to Remedy Entertainment, the transaction will give the developer more freedom with its IP and “consider the best publishing, distribution and financing model for these projects.”
Remedy Entertainment CEO Tero Virtala commented on the news in a press release, saying:
“Ever since we signed up with 505 Games in 2017 to develop and publish Control, we have enjoyed a good partnership in building Control into a successful game that has sold over four million units and generated shareable net revenue of approximately €100 million to Remedy and 505 Games. As part of Remedy’s long-term strategy to have more ownership over our business and the IPs we have created, we have gotten back all rights for Control and the in-development Condor and Control 2.
Having complete ownership over the Control franchise gives us the freedom to decide the best path forward. We will consider our options carefully, knowing that Control is considered an attractive franchise by many partners. Condor and Control 2 have both progressed well in recent months and we expect these projects to reach their next development stages during the first half of 2024. The development of Condor and Control 2 will continue normally when we consider the best publishing, distribution and financing model for these projects.
As we amicably part ways, I would like to take this opportunity to thank the 505 Games team for our partnership over the years and for helping to establish Control as a gaming franchise with a lot of future potential.”
The full details via the developer:
Termination of Agreements – Publishing agreements for Control, codename 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 continue as the publisher of Control through a transition period ending December 31, 2024, under the terms of the original Control publishing agreement. In addition, 505 Games continues to administrate existing B2B deals for Control until their agreed expiration dates. After the transition period and the expiry of these B2B deals, 505 Games will have no future royalty or other rights to Control.
Purchase Price and Cash Flow Effect – The maximum purchase price for the transaction is approximately €17 million, which equals the amount that 505 Games has paid for the development of codename Condor and Control 2 to date including a minor premium. Remedy is entitled to set off certain receivables from the purchase price and, therefore, the cash flow effect from the transaction will be clearly less than the purchase price. Remedy will pay the net purchase price in three cash instalments during the next twelve months.
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