Embracer Q3 Results Lower Than Expected, Boosted by ‘Lord of the Rings’ Licensing Revenue
variety.comK.J. Yossman “Lord of the Rings” owner Embracer revealed its Q3 results were boosted by licensing revenue from the Tolkien IP despite being lower than expected overall.
Embracer, a Swedish gaming conglomerate who snapped up the rights to “Lord of the Rings” two years ago, has undergone a severe restructuring program over the past year, which has seen the company shut down or dispose of dozens of games studios and titles and lay off hundreds of staff, resulting in aftershocks that have reverberated throughout the games industry.
Its latest report, published Thursday, the company revealed it had cut 8% of its global workforce. That number likely does not include those working on a freelance basis.
Despite this, Wingefors admitted the company is unlikely to reach its target of lowering its net debt to SEK 8 billion ($761 million) by March 31.
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