Remedy Entertainment Plc | Inside information November 11, 2022 at 2 p.m. (EET)
Remedy Entertainment signs a co-development and co-publishing agreement with 505 Games for Control 2
Remedy Entertainment (“Remedy”) has signed an agreement with 505 Games, an international video game publisher and a subsidiary of Digital Bros Group, under which Remedy and 505 Games will co-develop and co-publish Control 2 (formerly known as Codename Heron), a sequel to Remedy’s award-winning game Control.
Control 2’s initial development budget amounts to EUR 50 million, and Remedy will retain the ownership of the game’s intellectual property. The development, marketing, and post-launch investments as well as the future net revenues generated by the game will be equally split between 505 Games and Remedy. The game will be available on PC, PlayStation 5, and Xbox Series X|S, and it will be built on Remedy’s proprietary Northlight® engine and tools. Remedy will publish the game on the PC platform and 505 Games will publish it on the console platforms. The project is currently in concept stage.
The critically acclaimed Control was published in 2019. Since its release, Control was nominated for 11 BAFTA® Games Awards and received over 20 “Game of the Year” awards including IGN’s 2019 Game of the Year.
“We are excited to deepen our cooperation with Remedy and continue the success story of Control together. Since its launch in 2019, Control has sold over 3 million copies,” say Rami and Raffi Galante, co-CEOs of Digital Bros Group/505 Games. “Control is the biggest investment 505 Games has ever made, so it has a special place in our hearts. We are grateful to the whole player community that has made Control such a long-lasting and loved game, and are even more excited to bring out Control 2,” Rami and Raffi Galante continue.
In June 2021, Remedy announced that the company had outlined high-level collaboration terms with 505 Games for a bigger-budget Control game. “I’m now proud to confirm that the bigger-budget Control game, also known as Codename Heron, is Control 2, a full-blown sequel to our award-winning game Control,” says Tero Virtala, CEO of Remedy.
The agreement does not have an impact on Remedy’s outlook for 2022.
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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 of its games.
The company employs over 350 game industry professionals from 32 different countries. Remedy’s shares are listed on Nasdaq Helsinki’s official list.