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Black Forest Games Spins Out of THQ Nordic to Co-Found Third Signal
The Destroy All Humans! Remake studio has bought its independence from Embracer's THQ Nordic through a management buyout and joined a new group of independent studios.
Black Forest Games, the Offenburg studio behind Destroy All Humans! Remake and Giana Sisters: Twisted Dreams, has left THQ Nordic through a management buyout. The studio's leadership now owns the company outright, and it has also become a founding member of Third Signal, a new group of independent game studios.
What was announced
Black Forest Games has been part of THQ Nordic, which sits inside Embracer Group, since 2017. Under the deal, the studio's leadership takes over ownership, and the two companies will pursue different business priorities. Both sides say they will keep collaborating on game development projects.
Third Signal was founded by Andreas Tobler, who said the group is built to give teams "independence, resources and creative freedom." Black Forest Games joins as a founding member, and its management team becomes a co-owner of the group. Tobler argued that some of the best games of the last decade came from small teams rather than large ones, which is the model Third Signal wants to build around.
Black Forest Games co-CEO Adrian Goersch thanked THQ Nordic and Embracer for "nine good years" and said the team is looking forward to a new project with strong partners behind it. Andreas Speer, the other CEO, is also a co-founder of Third Signal.
Key details
- Studio: Black Forest Games, based in Offenburg, Germany
- Deal: Management buyout by the studio's leadership, ending its time within THQ Nordic
- New group: Third Signal, with Black Forest Games as a founding member and co-owner
- Leadership: Adrian Goersch and Andreas Speer, CEOs of Black Forest Games; Andreas Tobler, founder and CEO of Third Signal
- Known titles: Destroy All Humans! Remake, Giana Sisters: Twisted Dreams, Fade to Silence
- Missing or unconfirmed: Financial terms, staff numbers and the name of the new project were not disclosed in the announcements we checked.
What it means for developers
- Ownership changes the math. A management buyout can give a studio control over its own IP and decisions. If you sign a publishing deal, read the clauses on IP ownership and reversion closely.
- Lean teams are being pitched as a model. Third Signal argues that experienced teams of a few dozen people can make premium games. Indie collectives can share costs, tools and visibility without giving up creative control.
- Split well, keep the relationship. Both companies say they will keep working together, which shows that a separation does not have to end a working relationship.
- Publisher dependence is a real risk. Studios inside large groups can be sold, restructured or spun out. Plan your runway and keep your IP documentation clean so that any change of ownership is easier to handle.
- Watch for the next announcement. The new project is still unnamed. Follow Third Signal's channels if you want to pitch to or partner with the group.
