Remedy has gained full Control by buying the franchise rights from 505 Games – WGB

Remedy Entertainment, the developers behind Alan Wake 2, has announced that it has gained full control of Control from publisher 505 Games for €17 million.

Remedy announced in an investment letter that the company said that itself and 505 Games had come to a deal for all publishing, distribution and marketing rights to Control, the upcoming Control 2 and all future Control projects, including multiplayer spinoff Codename Condor.

Remedy’s current publishing contract with 505 will cease immediately, although 505 will continue to act as the publisher of Control until December 31 of this year.

Remedy states that the price “equals the amount that 505 Games has paid for the development of codename Condor and Control 2 to date including a minor premium.”

Remedy’s CEO Tero Virtala says: “Ever since we signed up with 505 Games in 2017 to develop and publish Control, we have enjoyed a good partnership in building Control into a successful game that has sold over 4 million units and generated shareable net revenue of approximately EUR 100 million to Remedy and 505 Games. 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. Having complete ownership over the Control franchise gives us the freedom to decide the best path forward. We will consider our options carefully, knowing that Control is considered an attractive franchise by many partners. Condor and Control 2 have both progressed well in recent months and we expect these projects to reach their next development stages during the first half of 2024. The development of Condor and Control 2 will continue normally when we consider the best publishing, distribution and financing model for these projects.”

It’s unclear exactly what has led to this moment. Clearly one of the parties has decided to step away from the partnership, whether that is Remedy Entertainment or 505 Games.

Remedy currently works with Epic Games who helped fund and publish Alan Wake 2 which proved to be a critical success, although it has yet to make its development and marketing costs back, meaning Remedy are yet to see any profit. With the Alan Wake and Control universes being tied together, perhaps Remedy will look to Epic to help fund Control-based projects. Or, as Remedy themselves said, they may go down the self-publishing route.