Each company is its own publicly listed entity.
The Embracer Group logo over three separate colors signifying the split into three different companies.

Embracer Group announced today that they are separating into three separate companies. Each of these companies will be their own separate, publicly listed entity and will each have different areas on which they will focus their efforts.

The three new companies are: Asmodee Group, Coffee Stain & Friends, and Middle-earth Enterprises & Friends.

Asmodee Group will focus on publishing and distributing tabletop games, trading cards, and digital board games. Coffee Stain & Friends will focus on indie, A, and AA premium and free-to-play games for PC, consoles, and mobile. Middle-earth Enterprises & Friends will focus on AAA game development and publishing for PC and consoles.

Asmodee Group will include the following tabletop/board game IPs:
  • Ticket to Ride
  • 7 Wonders
  • Azul
  • CATAN
  • Dobble
  • Exploding Kittens
  • The Lord of the Rings
  • Marvel
  • Game of Thrones
  • Netflix
  • LEGO
  • Star Wars
  • ...and about 300 more IPs

Coffee Stain & Friends will include the following studios and IPs:
  • Coffee Stain
  • Ghost Ship
  • Tarsier
  • Tuxedo Labs
  • THQ Nordic
  • Amplifier Game Invest
  • IPs: Deep Rock Galactic, Goat Simulator, Satisfactory, Wreckfest, Teardown, Valheim, and over 200 more
  • Free-to-play operations: will include Easybrain, Deca, CrazyLabs and Cryptic. Intellectual properties include Sudoku.com, Blockudoku, Jigsaw Puzzle and many other IPs. Key published free-to-play games based on licensed IPs include Star Trek Online and D&D Neverwinter Online.

Middle-earth Enterprises & Friends will include the following studios and IPs:
  • Crystal Dynamics
  • Dambuster Studios
  • Eidos-Montreal
  • Flying Wild Hog Studios
  • Tripwire Interactive
  • Vertigo Games
  • Warhorse Studios
  • 4A Games
  • ...and several others
  • IPs: Dead Island, Killing Floor, Kingdom Come Deliverance, The Lord of the Rings, Metro, Tomb Raider, and many more
  • Included Businesses: PLAION, Freemode, Dark Horse, and more
Asmodee and Coffee Stain & Friends will be distributed to shareholders of Embracer Group and listed on Nasdaq Stockholm. Middle-earth Enterprises & Friends will continue to be listed under Embracer Group, which itself will eventually be renamed at the same time Coffee Stain & Friends spinoff. Asmodee Group helped Embracer Group to secure a new financing agreement amounting to EUR 900 million that will help them to pay off existing debt.

Current CEO Stéphane Carville and current COO Marc Nunes will join the Board of Directors of Asmodee. Executive leader at Asmodee and current deputy COO Thomas Keogler will become the Asmodee CEO.

Coffee Stain's current CEO Anton Westbergh will lead in the time leading up to the separation. Additional CEOs from DECA Games, Easybrain, Amplifier Game Invest, and THQ Nordic will report to Westbergh starting April 22, 2024.

Current interim Group Chif Strategy Officer Phil Robers will take the lead on Middle-earth Enterprises & Friends. CEOs from PLAION, Dark Horse, and Freemode will report to Rogers starting April 22, 2024.

Naturally, the largest shareholder in Embracer Group continues to be Lars Wingefors. Wingefors will "remain a long-term, active, committed, and supportive owner of all three entities."