Ah yes, game industry consolidation is great isn't it. What could possibly go wrong when one company acquires a ton of others and then screws up?
Embracer Group are known for going on acquiring sprees and currently own the likes of THQ Nordic, Coffee Stain, Gearbox, Plaion (formerly Koch Media), Saber Group and all the studios they control like Flying Wild Hog, Warhorse Studios, 3D Realms, New World Interactive, Tripwire Interactive, Aspyr Media, Beamdog and the list just goes on and on and on. Their own website lists 850 IPs either owned or controlled.
Well, they're having a few problems. They announced in a previous revenue report that a "major strategic partnership that has been negotiated for seven months will not materialize", this deal included "USD 2 billion in contracted development revenue over a period of six years" - so it was a pretty huge hit to their plans.
Now less than a month later they're announcing a "comprehensive restructuring program", that will see amongst other things the closing of various currently undisclosed studios and terminating various projects. In an open letter the CEO Lars Wingefors mentioned their plan will "transform us from our current heavy-investment-mode to a highly cash-flow generative business this year".