Embracer raises $182 million through share issue weeks after announcing layoffs
Welcome to a very news-y Thursday here at Game Developer. We have headlines from Embracer Group, CyberConnect, Ubisoft, and much more.
The Swedish video game conglomerate said the cash will provide an additional "buffer" as it prepares to shutter studios and cut jobs.
Embracer has?raised SEK 2 billion ($182.7 million) through a directed share issue?to lower its net debt target and strengthen its overall financial position.
The news comes less than a month after the Swedish conglomerate, which owns studios including Crystal Dynamics, Deep Silver, and THQ Nordic, announced it would be?making an unknown number of layoffs and shuttering studios?to become a "more focused, self-sufficient company" after spending the past few years investing heavily in mergers and acquisitions.
Developers making games in Colorado can now apply for a 20 percent tax credit.
The veteran designer worked at Ubisoft for over 14 years.
New building, new pay structure.