Remedy takes control of Control in €17M deal with publisher 505 Games that 'gives us the freedom to decide the best path forward'
Remedy has assumed control of Control: The studio announced today that it has made a €17 million ($18.4 million) deal with publisher 505 Games that grants it all rights to Control, Control 2, the multiplayer Control spinoff codenamed Condor, and "all future Control products."
The deal will bring about the end of all current publishing agreements between Remedy and 505 Games for the Control series, although 505 will continue as the publisher of Control until the end of 2024.
The actual cost of the deal is expected to come in at less than the €17 million price: The announced figure equals what 505 has thus far paid for the development of Control 2 and Condor, plus "a minor premium," but Remedy said that it is "entitled to set off certain receivables from the purchase price and, therefore, the cash flow effect from the transaction will be clearly less than the purchase price."
Remedy said it bought back the rights to the Control series so it can "negotiate better deals for current and future Control games," and "weigh up the options between self-publishing and a new publishing partner for Condor and Control 2."
"As part of Remedy’s long-term strategy to have more ownership over our business and the IPs we have created, we have gotten back all rights for Control and the in-development Condor and Control 2," Remedy CEO Tero Virtala said.
"Having complete ownership over the Control franchise gives us the freedom to decide the best path forward." Controlling Control will also give Remedy more control (I'm sorry, I can't stop myself) over marketing, distribution, and "other business-to-business deals" related to the series.
Even though Remedy clearly seems to be looking for a more lucrative deal for the Control series, Virtala also indicated that there was no dispute between Remedy and 505 that sparked the buyback: "As we amicably part ways, I would like to take this opportunity to thank the 505 Games team for our partnership over the years and for helping to establish Control as a gaming franchise with a lot of future potential."
Control was a significant hit for Remedy, having sold more than four million copies so far, generating more than €100 million in revenues. The sequel, confirmed in November 2022, and co-op spinoff game "have both progressed well in recent months," Virtala said, and Remedy expects them "to reach their next development stages during the first half of 2024."
Even so, they may still be a good way off from release: Remedy warned in October 2023 that the success of Alan Wake 2 has kept the studio's attention focused on that series, which could impact the development schedules of the new Control games.