No. Embracer’s 2024 settlement cancelled Beacon Interactive’s option to buy 4A Games and Zen Studios, leaving both studios within Embracer. The later development is a proposed spin-off: in May 2026, Embracer named 4A Games as part of Fellowship Entertainment, a company it intends to list in 2027, subject to approvals and other conditions.
Did Embracer sell 4A Games and Zen Studios?
No. The March 2024 sale of selected Saber Interactive assets to Beacon Interactive did not itself transfer 4A Games or Zen Studios. Instead, Beacon received an option to acquire the two studios for a fixed price during a specified period. Embracer did not disclose the full option terms in its March 14, 2024 announcement.
On September 13, 2024, Embracer said it had received an early payment and that the settlement cancelled Beacon’s option. The company said the transaction’s financial aspects were concluded and that both studios would remain within Embracer. This was an announced outcome, unlike the earlier option, which could have led to a sale but did not guarantee one. (Embracer, September 13, 2024)
Why did 4A Games stay with Embracer?
The option ended through a settlement between Embracer and Beacon. Embracer said it received USD 168.4 million (approximately SEK 1.72 billion) as an early payment and expected another USD 28.1 million later in 2024 and 2025. Those are payments associated with the transaction settlement, not a sale price for 4A Games or Zen Studios.
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At the time, Embracer CEO Lars Wingefors said: “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 identify those projects, and it does not establish their status in 2026.
Did Saber buy 4A Games?
No. In March 2024, Beacon Interactive—not Saber Interactive itself—was the buyer of selected Saber assets. Beacon was controlled by Saber co-founder Matthew Karch. The agreement gave Beacon an option relating to 4A Games and Zen Studios, but Embracer later announced that the option was cancelled.
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Embracer had acquired 4A Games in 2020, describing it as the developer behind the Metro franchise and saying it would operate as an independent studio under Saber Interactive within Embracer. The company’s August 13, 2020 announcement stated a maximum consideration of USD 80 million for 100% of 4A Games’ share capital on an equity basis.
Who owns the Metro game rights?
The studio and the franchise’s game rights are distinct. 4A Games develops Metro games; Embracer said long-term licensing and publishing rights to all current and future Metro PC and console games were held within its PLAION operative group. In March 2024, Embracer said those rights would not change whether or not Beacon exercised its option to acquire the studios. (Embracer, March 14, 2024)
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What is the planned Fellowship Entertainment spin-off?
In May 2026, Embracer announced its intention to spin off Fellowship Entertainment and listed 4A Games among the studios in the proposed company. Embracer said a listing was anticipated in calendar year 2027, subject to approval at a general meeting and other customary conditions. This is a plan, not a completed separation; corporate structure and timing may change. See Embracer’s May 20, 2026 announcement for the proposed structure and conditions.
The release 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 not figures for 4A Games individually.
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Ownership timeline
| Date | What Embracer announced |
|---|---|
| August 13, 2020 | Embracer completed its acquisition of 4A Games and said the studio would operate independently under Saber Interactive within the group. (Embracer) |
| March 14, 2024 | Beacon Interactive agreed to buy selected Saber assets and received an option to acquire 4A Games and Zen Studios. The studios were not automatically included in the asset sale. (Embracer) |
| September 13, 2024 | Embracer said the settlement cancelled the option and that both studios would remain within the group. (Embracer) |
| May 20, 2026 | Embracer proposed a Fellowship Entertainment spin-off that includes 4A Games, with a 2027 listing target subject to approval and other conditions. (Embracer) |
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