34BigThings buys back 100% from Embracer with three-title pipeline pre-loaded
Summary
Co-founder Valerio Di Donato reacquired 100% of 34BigThings shares from Embracer in June 2026
Ends nearly six years under Embracer's Saber Interactive subsidiary, acquired November 2020
Not a distressed exit: 70+ staff, pipeline pre-loaded with major IP title in 2026, second in 2027, third in 2028
"We are well-positioned to build direct, ambitious partnerships with global publishers and investors."
01
Clean 100% founder repurchase, no disclosed earn-out
Di Donato reacquired all shares directly - no partial stake, no earn-out, no external acquirer disclosed
Two-layer divestment: from Embracer sub-subsidiary Saber Interactive back to founder control
Post-deal board collapses to three: Head of Studio Giuseppe Enrico Franchi, Di Donato, CFO Daniel Giagnorio
Financial terms undisclosed, but structure is consistent with privately-funded MBO outside public markets
02
Embracer restructuring is the MBO window for mid-market founders
Embracer cut roles at Vertigo Games, Tripwire, Crystal Dynamics, and Eidos Montreal in 2026 alone
Conglomerate is splitting into multiple standalone publicly-traded companies to rightsize
Pattern signals more founder buyback opportunities ahead as Embracer sheds non-core mid-market studios
03
Embracer years framed as capability accelerator, not lost autonomy
Studio scaled from indie to 70+ staff under Embracer, gaining AAA IP and multi-studio pipeline exposure
"This provided us with invaluable structure and stability, while offering a first-hand look at the complexities of balancing internal development with external stakeholders."
Relaunch targets direct publisher and investor partnerships, not a return to pure indie self-publishing
04
Three-title pipeline disclosed at independence suggests pre-negotiated deals
Major title on globally recognized IP to be announced later in 2026, identity undisclosed
Second major title slated for 2027, third project for 2028
"Our production pipeline is fully charged."
Fully loaded pipeline at day-one independence implies IP and publisher deals closed in parallel with the buyout
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