Remedy Entertainment secures full rights to Control franchise in deal with 505 Games
In a strategic move, Finnish developer Remedy Entertainment has acquired full rights to its popular Control franchise. The company, currently working on a sequel and spin-off multiplayer project set in the Control universe, has reached a deal with 505 Games to take full control of the franchise.
The deal, valued at €17 million, includes the rights to develop Control 2 and the multiplayer project Codename Condor. Remedy will make payments in three installments over the next 12 months for the acquisition.
Under the terms of the agreement, 505 Games will continue to serve as the publisher of the original Control until December 31, 2024. They will also manage existing business-to-business deals for the first game until the agreed expiration date. However, after this period, Remedy will take over all aspects of the franchise and 505 Games will not receive any further royalties or rights.
Since its release in 2017, Control has shipped over 4 million units and generated around 100 million euros in shareable revenue. Remedy CEO Tero Virtala expressed excitement about the acquisition, stating that having full ownership of the Control franchise gives them the freedom to chart the best path forward.
Virtala also mentioned that development on Codename Condor and Control 2 is progressing well and expects both projects to enter the next stage of development in the first half of 2024. Remedy will carefully consider their options for publishing, distribution, and financing models for these projects.
This acquisition marks a significant step for Remedy Entertainment as they take full control of a successful and beloved franchise. Fans can look forward to more exciting developments in the Control universe in the coming years.