There sure have been a lot of significant acquisitions within the games industry this year, and Embracer Group’s purchase of several Square Enix franchises is the latest.
For only $300 million, Embracer Group is acquiring Tomb Raider, Deus Ex, Legacy of Kain, and more than 50 back-catalog games from Square Enix, along with most of its western studios. Right after announcing another Tomb Raider, no less.
Fans are (understandably) upset, mainly because Square Enix said in a press release that the transaction will primarily fund the company’s Blockchain ambitions. Great idea, that. Because if there’s one thing that Behaviour Interactive, GSC Game World, Ubisoft, and many other companies have taught us in the last year, it’s that everyone loves NFT and cryptocurrency stuff. No doubt about it, yup. Not an ounce of sarcasm in this paragraph, no siree Bob.
Square Enix has sold Crystal Dynamics, Eidos Montreal and Square Enix Montreal to Embracer + IPs Tomb Raider, Deus Ex and Legacy of Kain.
Square said deal "enables the launch of new businesses by moving forward with investments in fields including blockchain, AI, and the cloud." pic.twitter.com/x4yLKmKCiD
— Geoff Keighley (@geoffkeighley) May 2, 2022
As you might expect, social media is overflowing with fans not happy that Square Enix ditched Tomb Raider, one of the most beloved video game series of all time, for NFT nonsense. Let’s look at the best reactions below, memes and all.
Buyout of the Tomb Raider
Embracer has bought the Square Enix West/Eidos business, including Tomb Raider, for less than Microsoft bought Rare… and that was 20 years ago when values weren’t as inflated as they are today
— Christopher Dring (@Chris_Dring) May 2, 2022
we have sold the tomb raider ip and studio so we can use that money to figure out how to integrate bored ape technology into our games. we are going to sell you a bored mutant donald duck nft in the next kingdom hearts
— 9 V O L T (@9_volt_) May 2, 2022
i cannot handle the dissonance between every tomb raider game selling like 8 million and being called a disappointment yet being willing to just give the whole studio away for $300 mil. the accounting genius.
— yuuko from nichijou (@headfallsoff) May 2, 2022
$300 million seems shockingly low for three studios and one of the most iconic video game characters of all time.
Tomb Raider 2013 has sold 14.5 million copies. Even at half price, that would be about $435 million. And that's just one game.
— DAEMON (@DaemZero) May 2, 2022
Lara Croft and the Blockchain of Regret
Square Enix selling their western studios for 300 million so they can 'invest in blockchain' is very funny to me. Like selling your house for magic beans.
— Joseph Gribbin✨GRAPPLE DOG OUT NOW!!✨ (@JoGribbin) May 2, 2022
fact Square Enix sold half of itself then immediately started talking about blockchain screams "someone please buy us" to me 🥴
— jez (@JezCorden) May 2, 2022
Said it before and I’ll say it again: Square Enix is run by three kids in a trenchcoat.
— Nadia Oxford (@nadiaoxford) May 2, 2022
Can't say I'm surprised by Square-Enix's actions. It literally started the year talking about NFTs. But selling Crystal Dynamics, Eidos, and SE Montreal because it wants to invest more in blockchain is super annoying.
— Tony Polanco (@Romudeth) May 2, 2022
Rise of the Meme Raider
Square Enix in 2023 wondering why no one's buying chocobocoin or noctis fungible tokens or whatever pic.twitter.com/FRVpSmmyzh
— 🍡 イーサン 🍡 C0mms Open! (@kujikawaii) May 2, 2022
Square Enix selling 50+ IPs and multiple studios to gather start-up capital to further dive into crypto after Ubisoft failed at it just feels like this image: pic.twitter.com/mlvLljZsYU
— luka étoile 『catgirl vtuber 』 (@bimbocatfood) May 2, 2022
Square-Enix when confronted with the choice of selling devs/IP for blockchain startups or coming to face with their managing of western studios. pic.twitter.com/2o9Xo1npnO
— Jawmuncher (@Jawmuncher) May 2, 2022
SquareEnix just sold most of their IP's including Deus Ex and Tomb Raider for 300 million, so they can focus on "Blockchain and Cloud investments" pic.twitter.com/Y5thtids1p
— Lavender. (@LavenderGhast) May 2, 2022
Written by Kyle Campbell on behalf of GLHF.
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