Ubisoft has been under fire since a failed hostile takeover attempt in 2018. Since then, a toxic culture of misogyny and harassment was revealed in 2020 leading to an exodus of talent and a string of underperforming releases. Now, a critical game delay, a board review of operations, and a looming strike in France have tanked the share price as the company is fending off an activist investor bent on forcing the company to eject the Guillemot family and take private equity to save the ailing publisher.

Also: Another very bad time for labor, another story reveals a power struggle inside Annapurna, and Behaviour acquires a new studio just one week after shutting another down.

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TIME STAMPS

• [00:00:35] – Ubisoft is Having Some Trouble
• [00:23:56] – What Happened Inside Annapurna Interactive
• [00:35:56] – Investment Interlude
• [00:44:28] – Quick Hits
• [00:57:28] – Labor Report

SOURCES

• Ubisoft updates its financial targets for FY2024-25 | Ubisoft
• Ubisoft employees in France called to strike over return-to-office mandate | Game Developer
• Tencent, Guillemot Family Are Said to Consider Buyout of Ubisoft | Bloomberg (Paywall)
• Inside Annapurna Interactive’s Mass Walkout | IGN
• Annapurna Video-Game Division Imploded Because of Power Struggle | Bloomberg (Paywall)
• Layoffs at Smite Developer Hi-Rez | Stewart Chisam (@schisam) on Twitter
• UK studio nDreams confirms layoffs could impact 17.5 percent of workforce | Game Developer
• Airship Syndicate Lays off 16 People | Airship Syndicate on LinkedIn
• NetEase subsidiary Skybox Labs lays off 25 people | GamesIndustry
• Report: VR studio XR Games placing 72 employees at ‘risk of redundancy’ | Game Developer
• Redhill Enters Consultation in Advance of Layoffs | Matias Myllyrinne on LinkedIn
• Concord Director Steps Down As Studio Behind Historic PlayStation Flop Waits For Sony’s Decision | Kotaku
• Gamurs Group employees reportedly hit with more layoffs | GamesIndustry
• Mountaintop Lays off 13 People | Nicole Carpenter (@sweetpotatoes) on Twitter
• Maximum Games has Closed Merge Games | Merge Games (@mergegamesltd) on Twitter
• Sharkmob London faces layoffs after game cancelled | GamesIndustry
• The Sea is Quiet | Studio Black Flag

INVESTMENT INTERLUDE

• Notice to the Extraordinary General Meeting of Remedy Entertainment Plc | Remedy
• Future Trash raises $5M to build its IP within Fortnite’s platform | GamesBeat
• Absurd Ventures launches new studio with Ascendant Studios staff | GamesIndustry
• Playtika to acquire mobile game maker SuperPlay for up to $1.95B | GamesBeat
• Behaviour Interactive acquires Red Hook Studios | Behaviour Interactive
• Devolver launches Big Fan Games, a publishing label dedicated to movie, TV and comic book adaptations | GamesIndustry
• Red Dead Redemption Lead Designer and Writer Christian Cantamessa and Mario + Rabbids Creative Director Davide Soliani Launch Videogame Company Day 4 Night Studios | Day 4 Night