The game is currently codenamed Vanguard.
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Remedy Entertainment just penned a deal with Tencent to develop a new co-op multiplayer game currently codenamed Vanguard. Remedy made this new announcement themselves earlier today through their investors page.

Vanguard is being billed as an upcoming "free-to-play, co-operative PvE shooter" that will combine "Remedy's narrative expertise and action gameplay into an immersive multiplayer experience." Vanguard will be made using Unreal Engine for PC and unspecified console platforms. The game will be made for a global audience, but Tencent will be the ones who localize and publish the game in Asian markets.

Both studios will help finance Vanguard's development. Each company will be responsible for covering the cost of publishing and operating costs in their territories.

In addition to the PC and console releases of the game, Remedy says that Tencent will have the rights to develop and publish a mobile version of the game.

Vanguard will be Remedy's first "games as a service" release. Remedy is also working on Alan Wake 2, the campaign portion of CrossfireX, more stuff for the Control universe, and more.

Back in May 2021, Tencent had acquired a 3.8% stake in Remedy, or 500,000 shares.

"Vanguard marks Remedy’s first entry into Games-as-a-Service business model, executed by our top tier team of free-to-play experts. We are building something new and exciting for co-operative multiplayer space, on top of Remedy’s strengths. Expanding our capabilities to take on publishing responsibilities is the next step in the development of our company. We are excited for this long-term partnership with Tencent and with confidence can say that it is an excellent fit in supporting Vanguard’s ambitious plans. Vanguard is a global opportunity, and Tencent can support Remedy internationally, and lead the operations in Asia and the mobile markets." - Tero Virtala, CEO of Remedy Entertainment.