©Embracer Group
The board of directors for Dark Horse Media’s parent company Embracer Group announced on Wednesday that it intends to split the group into two publicly listed companies, through the spinoff of Fellowship Entertainment. The board plans to list Fellowship Entertainment, which will include Dark Horse Media, on the Nasdaq Stockholm stock exchange in 2027. The board stated that the main purpose is “to further increase management focus to capture the full potential of the high-quality assets in the group and accelerate value creation.”
Embracer Group will report through two distinct business segments, Fellowship Entertainment and Embracer, starting from the first quarter of its fiscal year 2026/2027. Fellowship Entertainment will report through development and publishing as well as licensing business areas, while Embracer will report through PC/console games, mobile games, entertainment & services, and other business areas.
Fellowship Entertainment aims to become an IP (intellectual property)-led entertainment company built around game development, publishing, and licensing. The company will include Dark Horse Media and several other companies. Its IPs include The Lord of the Rings, The Hobbit, and Tomb Raider.
The board describes the remaining Embracer company as “a natural home for proven entrepreneurs and creative talents, supported by a more efficient structure, with enhanced governance, tighter cost control, and disciplined capital allocation.”
Embracer Group’s current CEO Phil Rogers and COO Lee Guinchard will remain in their respective roles, with the key responsibility (starting from the announcement) to prepare Fellowship Entertainment for its spinoff. Rogers and Guinchard will then transition to become the CEO and COO of Fellowship Entertainment, respectively, along with chief financial officer Müge Bouillon.
Rogers was promoted as Embracer Group’s CEO from Deputy CEO in August 2025, as part of the company’s restructuring.
Embracer Group began acquiring Dark Horse Comics in December 2021, and completed the acquisition in March 2022. The acquisiton was part of the company’s spree of acquisitions of media and game companies beginning in 2019. After a planned US$2 billion investment from Savvy Games Group (a company owned by Saudi Arabia’s Public Investment Fund) did not go through as planned in May 2023, the company found itself in debt, with the company soon planning restructuring, leading to mass layoffs, the sale of properties and subsidiary companies, and the three-company split from April 2024.
Source: Embracer Group via Gematsu