The decision was made against the backdrop of the Swedish holding's restructuring strategy, which led to the cancellation of many projects, layoffs and studio closures
As part of its large-scale business restructuring program, Embracer Group has closed the Free Radical Design studio, the authors of TimeSplitters. Even on the official website of the studio there is no information about it, except for the seemingly mocking entry “404 Company Not Found :-(”.
Several Free Radical employees have already updated their pages in business social network, indicating that they were looking for a new job.
In 2021, the studio set out to revive TimeSplitters, hoping to support the rapidly growing conglomerate with Embracer Group, but in May 2023 Embracer's $2 billion deal fell through, after which the entire company began to literally crumble. The holding's management, in a desperate attempt to save the business, presented a restructuring plan that involved cutting budgets and staff, closing studios and canceling various projects.
(news cover source)