EMBRACER GROUP READIES NEW HOME FOR CRYSTAL DYNAMICS AND TOMB RAIDER

[ 28 May 2026 ]

Crystal Dynamics, the developer of the Tomb Raider series, is among the businesses scheduled to transfer to Fellowship Entertainment, with the separation expected to take place in calendar year 2027. The studio was acquired by Embracer Group from Square Enix in August 2022. The Tomb Raider intellectual property will also transfer to Fellowship Entertainment as part of the planned separation.

Embracer Group has completed two spin-offs thus far, with Fellowship Entertainment planned as a third. Asmodee was separated in February 2025. Coffee Stain Group was separated at the end of 2025. Fellowship Entertainment is scheduled to be spun off as a separate publicly listed company on Nasdaq Stockholm in calendar year 2027. The remaining business will continue to operate as Embracer.

Fellowship Entertainment will include studios such as Crystal Dynamics, Eidos-Montreal, 4A Games, Dambuster Studios, and Warhorse Studios. It will hold the Tomb Raider, Metro, Dead Island, Kingdom Come Deliverance, Darksiders, and The Lord of the Rings intellectual properties. The company will engage in game development, publishing, and licensing activities. Existing Embracer shareholders are expected to receive shares in Fellowship Entertainment through a Lex ASEA dividend.

Both Fellowship Entertainment and the continuing Embracer company are expected to maintain listings on Nasdaq Stockholm. Head offices for the current group and the planned entities are based in Karlstad, Sweden. The separation of Fellowship Entertainment remains subject to shareholder approval and other conditions. From the first quarter of the 2026/27 financial year, Embracer Group will report the two businesses as separate segments.

Crystal Dynamics