Finnish developer Remedy Entertainment, the makers of Control and Alan Wake, have entered a new €15m loan agreement with Tencent.
The new agreement will be converted to approximately 811, 110 new shares, which comes out to about 5.98% of the overall shares. This is in addition to the 3.8% stake Tencent purchased in Remedy in May 2021, which then increased to 14% in April 2024. The studio also had an agreement with Tencent on its multiplayer title codenamed “Kestrel,” but that was cancelled in May.
As reported by GameIndustry.biz, Remedy CEO Tero Vitala says the loan will aid development as the studio begins self-publishing.
“Part of Remedy’s long-term strategy has been to strengthen our position in the value chain, to have more control over how our games are commercialised, and to grow our share of the value these games can create,” says Virtala, “As we move towards self-publishing, this financing will support us in developing and fully realising the potential of the games we have in development and successfully carrying out the commercial activities of our next self-published games. Tencent’s investment demonstrates strong confidence in Remedy’s long-term vision and strategy.”
Remedy’s most recent game, Alan Wake 2, launched in October 2023 and was met with overwhelming critical praise, earning several Game of the Year awards. Despite that, the studio has said Alan Wake 2 has yet to fully recoup its development costs. A physical edition is planned for release this December by Limited Run Games.
Epic Games published Alan Wake 2, but Remedy is shifting toward a self-publishing model in the future. Along with Tencent, the company recently announced a “strategic cooperation” with Annapurna. This collaboration will help fund Control 2 and apparently bring the worlds of Control and Alan Wake to film and television as well.
