Black Forest Games exits THQ Nordic after nine years, co-founds Third Signal

Published 11 Nov 2026 · Games Atlas Editorial · Divestiture & Spin-Out · Companies: Black Forest Games, THQ Nordic

Games Atlas summary: Black Forest Games has completed a management buyout to split from THQ Nordic and Embracer Group. THQ Nordic originally acquired the German studio in 2017 for 900,000 euros plus a 450,000 euro performance earnout. Black Forest's management team co-founded Third Signal, a new independent studio group, with Third Signal Ventures. Black Forest will keep working with THQ Nordic on joint projects despite the ownership split.

Deal mechanics

• The buyout price and full terms of the split are not disclosed.
• THQ Nordic's original 2017 purchase totaled 900,000 euros fixed plus a 450,000 euro performance-based earnout.
• Black Forest's management team becomes a co-owner of Third Signal alongside Third Signal Ventures.
• The exit follows nine years under Embracer/THQ Nordic ownership, during which Black Forest shipped the Destroy All Humans! Remake and Reprobed.

Third Signal's collective structure

• Third Signal is a newly founded independent group of studios co-owned by Third Signal Ventures and Black Forest's management.
• The group targets premium PC and console games, positioning it outside conglomerate publisher ownership.
• Black Forest becomes Third Signal's founding studio member.
• "Some of the best games of the last decade came from teams of fifty, not five hundred" - Andreas Tobler, founder and CEO, Third Signal

Hybrid independence with THQ Nordic

• Black Forest will continue to collaborate with THQ Nordic on existing joint development tasks despite the ownership exit.
• The studio's leadership frames the move as regaining ownership status after nine years as a subsidiary.
• "Now, we're excited to shape our own future as owners again, to work on an exciting new project with a great team and strong partners behind us" - Adrian Goersch, co-CEO, Black Forest Games
• Co-CEO Andreas Speer cites opportunities for lean, experienced teams as the rationale for the breakaway.

Read across for mid-tier developers

• Black Forest's leadership moves from a fixed 1.35 million euro acquisition deal to direct equity ownership of a new group.
• The Third Signal model pools a venture partner and studio management rather than a single publisher balance sheet.
• Continued joint work with THQ Nordic shows the split did not sever commercial ties to the former parent.
• The structure offers mid-tier studios a path to ownership without severing distribution relationships built under conglomerate ownership.

Sources

• Black Forest Games has left THQ Nordic and Embracer Group | Game World Observer (gameworldobserver.com)
• [Industry news] Black Forest Games spins out of THQ Nordic to co-found Third Signal - MCV/DEVELOP (mcvuk.com)
• "Some of the best games of the last decade came from teams of fifty": Destroy All Humans! remake devs Black Forest Games split from THQ Nordic to launch new ind (rockpapershotgun.com)