Remedy Entertainment Plc Inside information August 29, 2024, at 7.00 p.m. EEST
Inside information: Remedy and Annapurna announce a strategic partnership agreement on Control 2 and bringing Control and Alan Wake to film and television
Remedy Entertainment Plc (“Remedy”) announces a strategic partnership agreement with Annapurna Pictures (“Annapurna”). Annapurna will finance 50% of the development budget for the upcoming Control 2 video game and gain the rights to expand the award-winning Control and Alan Wake franchises into film and television. Remedy will receive a greater revenue share from game sales after the initial investments have been recouped, proportional to the amounts invested. Conversely, Annapurna will receive a greater revenue share from the audiovisual productions.
Annapurna, an entertainment company founded by Megan Ellison in 2011, creates and produces original stories across film, interactive entertainment, television and theatre. Annapurna will take the lead in expanding Control and Alan Wake into new entertainment mediums, enabling Remedy to focus on the development of Control 2 and other upcoming games.
As part of the deal, Annapurna will acquire an option to television, film, and selected audiovisual licensing rights for Control and Alan Wake as well as related ancillary products. Remedy will retain the full IP rights for Control and Alan Wake.
“The future of storytelling requires seamlessly integrating gaming, film, and television, and this partnership will allow us to explore new ways of bringing these narratives to life,” said Megan Ellison, Founder and CEO of Annapurna. “By leveraging Remedy’s innovative narratives and immersive worlds, we can push the boundaries of how stories are told and experienced across mediums.”
“This strategic partnership between Annapurna and Remedy is an important milestone and an exciting opportunity for us. We know Annapurna shares our passion for our IPs and the universes we have created. With award-winning movies such as Zero Dark Thirty and games like Stray, Annapurna’s expertise across film, TV, and video games makes them an ideal partner for us. This agreement will ensure we can develop Control 2 into the best game possible, allow us to move into self-publishing for selected titles and expand our franchises to other mediums,” said Tero Virtala, CEO of Remedy Entertainment.
REMEDY ENTERTAINMENT PLC
More information
Tero Virtala, CEO
Phone: +358 9 435 5040
Email: tero.virtala@remedygames.com
Liisa Eloranta, Senior Investor Relations Specialist
Phone: +358 50 4334992
Email: liisa.eloranta@remedygames.com
Thomas Puha, Communications Director
Email: thomas.puha@remedygames.com
Remedy in brief
Remedy Entertainment Plc is a pioneering, globally renowned video game company founded in 1995 and headquartered in Finland with an office in Stockholm, Sweden. Known for its story-driven and visually stunning action games, Remedy has created multiple successful, critically acclaimed franchises such as Control, Alan Wake, and Max Payne. Remedy also develops its own Northlight game engine and tools technology that powers many games. Remedy’s shares are listed on Nasdaq Helsinki’s official list.