Borderlands studio Gearbox is reportedly ‘closer than ever’ to being sold by Embracer Group

Gearbox could be “closer than ever” to being sold off by its parent company Embracer Group, according to a new report.

Sources have reportedly told Kotaku that Gearbox CEO Randy Pitchford held a town hall meeting with staff this week, and told them that a decision had been made regarding the studio’s future, with more information to be shared in March.

According to the report, Pitchford has been telling staff for months that Gearbox’s three options were to stay with Embracer, get sold to another company or buy itself out and become independent.

Kotaku claims that the decision has been made to sell Gearbox to another company, and that a deal is being finalised.

Refusing to confirm or deny the report, Pitchford told Kotaku: “I’m delighted that what we might be up to is interesting enough to people that you want to make a story about us for your readers.”

He added: “As always, we will be thrilled to share whenever we have projects to announce or news to share as we work hard towards our mission to entertain the world.”

Reuters first reported back in September that Embracer was considering selling off Gearbox, with sources claiming that third parties had expressed interest in buying it.

Later that month, Take-Two CEO Strauss Zelnick refused to be drawn on whether it would be interested in acquiring Gearbox, given its long-term publishing deal with Gearbox for the Borderlands franchise and other titles.

“We’ve had a long-term relationship with Gearbox of which we’re very proud,” Zelnick said at the time. “They’re a wonderful company, they’ve delivered for us – not just Borderlands, but also Tiny Tina’s Wonderlands and other titles – and I’ve no doubt they’ll continue to be successful in the future.

“We’re thrilled that we have a long-term publishing relationship on these titles. That publishing relationship exists without regard to the ultimate owner of Gearbox. But with regard to our potential interest, we don’t tend to speculate on potential transactions.”

Embracer has been carrying out a widespread money-saving operation, announcing in June 2023 that it was implementing a restructuring plan which would involve the closure of studios and the cancellation of projects.

Earlier today it was reported that Embracer is set to sell Saber Interactive in a deal worth up to $500 million.