Embracer did not sell 4A Games or Zen Studios to Beacon Interactive. The buyer’s option to acquire the studios was cancelled in a September 2024 settlement, leaving both within Embracer. As of Embracer’s May 20, 2026 announcement, 4A Games is included in a proposed spin-off called Fellowship Entertainment, which the company said it intends to list in 2027 if approvals and other conditions are met. That is a plan, not a completed separation.
Did Embracer sell 4A Games and Zen Studios?
No. Embracer’s March 14, 2024 agreement to sell selected Saber Interactive assets to Beacon Interactive gave Beacon an option to acquire 4A Games and Zen Studios for a fixed price during a specified period. It did not complete a sale of either studio. Embracer did not disclose the full terms of the option. Embracer’s March 2024 announcement described the transaction.
On September 13, 2024, Embracer said it had received an early payment and reached a settlement that cancelled Beacon’s option. The company said the transaction’s financial aspects were concluded and that 4A Games and Zen Studios would remain within Embracer. The September settlement announcement is the company’s stated outcome.
Why did 4A Games stay with Embracer?
The decisive fact is the settlement: Beacon’s option was cancelled, rather than exercised. Embracer did not present the studios’ continued ownership as a separate sale decision; it said they would remain in the group after the agreement was settled.
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Embracer acquired 4A Games in 2020. In announcing completion on August 13, it described 4A as the developer behind the Metro franchise and said it would operate as an independent studio under Saber Interactive within Embracer. The acquisition announcement also stated a maximum consideration of USD 80 million for 100% of the studio’s share capital on an equity basis.
Did Saber buy 4A Games and Zen Studios?
No completed purchase of these two studios was announced in the March 2024 Saber asset transaction. That deal involved selected Saber assets, with an option for Beacon Interactive to acquire 4A Games and Zen Studios. In September, Embracer said the option had been cancelled, so the studios were not transferred through it.
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The wider transaction figures should not be mistaken for prices paid for 4A Games or Zen Studios. Embracer stated a purchase price of USD 247 million (SEK 2,527 million) for the selected Saber assets, including assumed earnout liabilities of USD 44 million (SEK 450 million), before additional consideration. In the later settlement announcement, Embracer reported an early payment of USD 168.4 million (approximately SEK 1.72 billion) and said it would receive another USD 28.1 million later in 2024 and 2025. Those are company-reported figures for the transaction and settlement, not disclosed prices for either studio.
Who owns the Metro game rights?
Studio ownership and game rights are separate matters. 4A Games develops the Metro games; Embracer said long-term licensing and publishing rights for all current and future Metro PC and console games were held within its PLAION operative group. The March 2024 announcement said those rights would not change whether or not Beacon exercised its option. The announcement does not establish rights for every other medium or platform.
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Embracer CEO Lars Wingefors said in September 2024: “We are satisfied with the conclusion of this transaction and very glad to see the great teams and assets of 4A Games and Zen Studios remain within Embracer. They will be important building blocks in our continued journey. 4A Games has currently two AAA titles under development that we eagerly await to announce.” The 2024 statement did not name those projects, and it does not confirm their status in 2026.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What is Embracer’s latest plan for 4A Games?
On May 20, 2026, Embracer announced its intention to spin off Fellowship Entertainment, naming 4A Games among the proposed company’s studios. Embracer anticipated a listing in calendar year 2027, subject to general meeting approval and other customary conditions. Until that separation is completed, the announcement describes a proposed future corporate structure, not a completed transfer of 4A Games.
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Embracer gave illustrative historical net sales of SEK 4,393 million for FY 2025/26 and headcount of 2,169 as of March 31, 2026 for the proposed Fellowship group as a whole. These are group-level figures, not financial or staffing figures for 4A Games. Corporate plans and listing timelines can change.
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