Remedy Controls Control

Remedy announces a deal with 505 Games to remedy its IP problems by putting it in complete control of the Control franchise. All rights to Control and Control 2 now revert to Remedy except the remainder of the original Control publishing agreement, which runs through this year. Here's how payment will work: "The maximum purchase price for the transaction is approximately EUR 17 million, which equals the amount that 505 Games has paid for the development of codename Condor and Control 2 to date including a minor premium. Remedy 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 will pay the net purchase price in three cash instalments during the next twelve months." Here are the other terms:

  • Termination of Agreements: Publishing agreements for Control, codename Condor, and Control 2 are immediately terminated by mutual agreement.
  • Reversion of Rights: For Control 2 and codename Condor, all publishing, distribution, marketing, and other rights licensed to 505 Games revert to Remedy with immediate effect. 505 Games will continue as the publisher of Control through a transition period ending December 31, 2024, under the terms of the original Control publishing agreement. In addition, 505 Games continues to administrate existing B2B deals for Control until their agreed expiration dates. After the transition period and the expiry of these B2B deals, 505 Games will have no future royalty or other rights to Control.