Remedy takes control of Control in €17M deal with publisher 505 Games that ‘gives us the freedom to decide the best path forward’
In a strategic move, Remedy Entertainment has officially seized control of its critically acclaimed game series, Control, in a €17 million ($18.4 million) deal with publisher 505 Games. The deal encompasses all existing and future Control titles, including Control 2 and the multiplayer spinoff known as Condor.
The agreement spells the end of the current publishing partnership between Remedy and 505 Games, with 505 continuing to serve as the publisher for Control until the close of 2024. The actual cost of the deal is anticipated to be less than the headline figure, as it factors in payments already made by 505 for the development of Control 2 and Condor, along with a minor premium. Remedy mentioned that certain receivables would be set off against the purchase price, resulting in a cash flow effect lower than the announced amount.
Remedy’s motivation for reclaiming the rights to the Control franchise is clear – the desire for greater control over the series’ destiny. This move allows Remedy to explore more favorable deals for existing and future Control games, giving them the freedom to decide between self-publishing or seeking new publishing partnerships for Condor and Control 2.
CEO Tero Virtala emphasized the strategic importance of having complete ownership, stating, “Having complete ownership over the Control franchise gives us the freedom to decide the best path forward.” This newfound control extends beyond creative decisions, encompassing marketing, distribution, and various business-to-business deals related to the series.
Despite the shift, Virtala highlighted the amicable nature of the separation from 505 Games. Expressing gratitude for their partnership, Virtala thanked the 505 Games team for helping establish Control as a gaming franchise with significant potential.
Control has been a triumph for Remedy, boasting over four million copies sold and generating more than €100 million in revenues. The confirmed sequel and co-op spinoff, codenamed Condor, are progressing well, with Remedy anticipating the next development stages during the first half of 2024. However, the success of Alan Wake 2 has also kept the studio occupied, potentially influencing the release timelines for the highly anticipated new Control titles.
Remedy’s bold move to secure full control over its flagship franchise sets the stage for an intriguing future, as the studio weighs its options and navigates the evolving landscape of the gaming industry.