Fans waiting for Embracer to do something with Saints Row, Deus Ex or TimeSplitters just got a clearer signal that the company is open to outside help.
In an open letter about the Fellowship Entertainment spin-off, Embracer chair Lars Wingefors said the company will "more actively be exploring external partnership" around a roster of established IP that includes Saints Row, Legacy of Kain, Deus Ex, Red Faction, The Mask, Thief and TimeSplitters.
That does not mean any of those series are suddenly back. Embracer did not announce a new Saints Row, a Deus Ex revival or a TimeSplitters project on Wednesday. What it did say is that Fellowship, the business that will house Embracer's entertainment IP, is being built to extract more value from that catalog through a faster release cadence, a new licensing unit and more partnership deals.
Wingefors said Fellowship is targeting at least two AAA releases per year starting in fiscal year 2027/28. The company also singled out The Lord of the Rings and Tomb Raider as its biggest transmedia priorities, while naming Kingdom Come: Deliverance, Dead Island, Darksiders, Remnant and Metro as larger AAA series where it sees room for more internal investment and new partnerships.
Fellowship is the latest step in Embracer's breakup plan
This is not a new strategy that appeared out of nowhere. Embracer said in 2024 that it planned to split itself into three separate public companies, with what was then called Middle-earth Enterprises & Friends serving as the home for its bigger AAA game and entertainment properties. In 2025, the company spun off Coffee Stain Group and said the remaining business would be renamed Fellowship Entertainment.
Wednesday's letter pushes that plan one step further. Embracer now intends to spin off Fellowship Entertainment to the Nasdaq main market in Stockholm during 2027, arguing that the standalone company will have a cleaner structure, a more focused management team and a better shot at unlocking value from IP that Wingefors called "among the most undervalued in the industry."
The immediate takeaway is that Embracer is pitching dormant names in its catalog as active business opportunities, even if the work ends up going to outside partners rather than internal teams.
The pitch comes after years of restructuring
Several of the franchises named in the letter were caught up in Embracer's roughest recent stretch. The company began a major restructuring program in 2023, and Wingefors used the new letter to defend its handling of layoffs and studio cuts, saying Embracer tried to give more studios and IP "the chance to prove themselves" instead of making a harder immediate headcount reduction.
For now, the announcement is only a strategy update. Embracer has put Saints Row, Deus Ex and TimeSplitters back in front of investors by name, but it still has not attached any of them to a developer, a partner or a release plan.