18 February 2025
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French gaming publisher Asmodee, known for titles like Catan, Dixit and Jaipur, has been spun off of the Embracer Group, taking on debt as a result of its own strengths. But why?
What Happened To Asmodee’s Parent Company?
It was recently announced that Asmodee’s parent company would be splitting up its assets, to create three separate entities. The brand, which has also been responsible for major pop culture studios like Saber Interactive, SpringboardVR, Dark Horse Media, THQNordic and Crystal Dynamics and other such entertainment giants, has put this plan in place to continue to build a future for shareholders and employees which Embracer itself feels is more sustainable.
Embracer Group said that "Following a careful and thorough review, it is the assessment of the Board of Directors that the current Group structure does not create optimal conditions for future value creation both for Embracer Group’s shareholders and other stakeholders." So, Asmodee will now enter a new phase of its historic rise through the industry.
Middle-earth Enterprises & Friends, formerly known as Tolkien Enterprises, and Coffee Stain & Friends, will also be set up as individual companies, meaning Asmodee is not alone in this shift. The former is responsible for major intellectual properties like The Hobbit, The Lord of the Rings, which boasts plenty of RPG and tabletop titles of its own, and Tomb Raider. The latter operates in the video game space, offering largely free-to-play titles on mobile, PC, and next-gen consoles. Interestingly the immediate impact of these decisions have had a knock-on effect, with Embracer Group’s stock plummeting by 44% in the immediate aftermath.
What Does This Mean For Asmodee?
The move has come as a surprise for some, but should not change the reputation of the well-known game house. Asmodee will continue to oversee a large number of divisions, which tabletop fans have also become familiar with. Fantasy Flight Games, Atomic Mass Games, Space Cowboys, Plan B Games, Aconyte, Exploding Kittens, which recently launched Good vs Evil, and many more will thus continue to fall under the Asmodee umbrella, strengthening its position as an independent platform. What’s more, its structure will remain largely the same, with CEO Stéphane Carville and Founder/COO Marc Nunes joining the board of directors.
However, the news is linked to a financial move that sees Asmodee take on a huge amount of debt. With millions of dollars set to be placed on the broad shoulders of the hugely profitable studio, Embracer Group are hoping that this change in structure will aid in tackling the $1.5 billion debt that the company currently faces. Needless to say, Asmodee has a big task ahead, but it continues to see growth year-on-year, with the final quarter of 2024 turning out €429 million.
Will This Impact Asmodee’s Future Slate?
Despite concerns from some as to how this could impact Asmodee’s future, the company is moving full-steam ahead, suggesting we've nothing to worry about. Titles like Star Wars: Unlimited, One Piece: The Card Game, and the Pokémon Trading Card Game are all set to receive continued support across 2025. Fantasy Flight Games will follow suit, with updates to their living card games including Arkham Horror: The Card Game and Marvel Champions: The Card Game.
Elsewhere, a range of new titles will launch, such as Finspan, a spinoff of Stonemaier Games’ Wingspan, the 2-player Azul Duel, and the original concept Garden Rush from Space Cowboy. Ultimately, for Asmodee to tackle this debt, and cement itself as a standalone juggernaut, then the company must continue to innovate and push popular products.