Tomb Raider is one of the most popular video game franchises of all time.
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The Japanese publisher is selling the popular Tomb Raider franchise Square Enix As part of a $300 million deal.
Square Enix said Monday that it will transfer three game development studios — Eidos Interactive, Crystal Dynamics and Square Enix Montreal — to the Swedish company. Hug Group.
Embracer will also acquire the intellectual property of Tomb Raider and three other game series, including Deux Ex, Thief, and Legacy of Kain.
Square Enix said it was selling off assets to cut costs amid a challenging global business environment and investing in new technologies such as blockchain.
Square Enix said in a statement announcing the news that the deal “enables the launch of new businesses by moving forward with investments in areas including blockchain, AI, and the cloud.”
The company’s commitment to increasing spending on blockchain – the technology behind many cryptocurrencies and non-exchangeable tokens – has caused some negative backlash on social media. One user said the move was “like selling your house for a magic pill”.
The audience of players usually Skeptical about NFT Digital assets designed to represent ownership of unique items.
While proponents of this technology say it could open up a new kind of gaming experience, many gamers are unconvinced, viewing NFT as a money grab that is destroying the environment.
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Tomb Raider is one of the most popular video game franchises of all time. The game sees players navigating British archaeologist Lara Croft through a series of ancient tombs and dangerous ruins. It has sold over 80 million copies to date.
The heroine of Tomb Raider quickly became a cultural icon, inspiring countless films and merchandise, while also sparking a debate about over-sex with female characters in the gaming industry.
Square Enix, best known for the popular Final Fantasy, Dragon Quest, and Kingdom Hearts games, took ownership of the Tomb Raider series after buying Eidos Interactive in 2009.
It will now belong to Sweden’s Embracer, with the company expecting to agree and finalize the deal by the end of September.
Embracer is not a household name in the game. Originally founded as a comic book and game retailer, the company became one of Europe’s largest gaming groups after capturing many major studios including Gearbox, developer of the shooter franchise Borderlands, and Koch Media.
Gaming analysts said the deal price for Square Enix’s western assets was very low, but the company had been looking for a buyer for a long time.
“Square Enix is trying to let go of this part of its business to restructure and focus its investment,” Piers Harding Rolls, head of games research at Ampere Analysis, told CNBC.
“You’ve struggled to achieve the studio’s consistent commercial success, and you want to build a smaller organization with a more compelling growth and revenue story for its shareholders.”
Square Enix said it would continue to publish titles from other international franchises, including Just Cause, Outriders and Life is Strange.
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