Embracer wants to license out Deus Ex, TimeSplitters, and Saints Row instead of building them internally. Here is which external studios actually fit each series, why licensing could get new games made faster, and where it could still go wrong.
Embracer Group has spent the last two years tearing itself apart. Studios closed, projects were canceled, and fans watched potential sequels vanish overnight. Yet buried in the latest restructuring update is a pivot that could define the future of several cult series: instead of trying to build everything in-house, Embracer now wants to license out its legacy IP.
In a letter to investors, Embracer chairman Lars Wingefors singled out Deus Ex, TimeSplitters, and Saints Row alongside Legacy of Kain, Red Faction, Thief, and others as brands it will "more actively" explore external partnerships for. With the group splitting and a new unit focused on IP and licensing, the message is clear. If these games come back, it will probably be through other studios.
For Deus Ex in particular, that shift might be the only realistic path to a new game in this generation.
Why Embracer is pivoting to licensing
During Embracer’s buying spree, internal development was the default answer. The company bought studios, bought IP, greenlit projects, and assumed volume would turn into value. It did not. A reported new Deus Ex at Eidos Montréal was canned, a new TimeSplitters from a resurrected Free Radical was shut down alongside the studio, and Saints Row’s 2022 reboot underperformed so badly that Volition was closed.
The new plan trades heavy up-front risk for flexibility. Instead of funding entire AAA pipelines, Embracer can:
Publish or co-publish projects where external studios shoulder a chunk of production cost.
Sign narrower licensing deals for specific games, platforms, or even remasters.
Exploit brands across media using Dark Horse and other partners without committing to internal game teams.
That makes sense for brands like Deus Ex and TimeSplitters that still have strong recognition but are seen as too niche for Embracer’s current appetite for risk.
The key question is whether this actually gets new games into players’ hands faster than trying to rebuild internal capacity. The answer is "yes, but only if the right studios are chosen and scope is realistic."
What Deus Ex needs from a partner
Deus Ex is not just a stealth RPG. It is a very specific mix of immersive sim design, systemic level layouts, and conspiratorial world building. Human Revolution and Mankind Divided pulled that off with large, expensive teams at Eidos Montréal, and even then Mankind Divided was criticized for feeling truncated.
A successful revival through licensing would need a partner that can handle three things at once.
First, systemic design. That means layered hubs full of multiple solutions, player toolkits that interact in surprising ways, and AI that can support stealth, combat, and improvisation.
Second, mid-budget discipline. The days of throwing blank-check AAA funding at Deus Ex are likely over. A partner has to scale the fantasy to something that can be done with modern budgets and realistic timelines.
Third, respect for tone. Deus Ex is defined by anxiety about surveillance, corporations, and transhumanism. Leaning too hard into simple power fantasy or comedy would break the core identity.
That narrows down the realistic candidates.
Ideal studios for a new Deus Ex
The obvious answer used to be Eidos Montréal, but the reported cancellation of their Deus Ex project and the wider reshuffle under Embracer makes that uncertain. If the IP really is being offered externally rather than kept with Eidos by default, several interesting options emerge.
Arkane Lyon or Arkane Austin’s successor teams would be almost perfect from a pure design perspective. Dishonored and Prey already hit the same immersive sim notes as classic Deus Ex. Their level design, powers-as-tools approach, and narrative framing all fit. The problem is that Arkane is owned by Xbox and already has its own portfolio. For Microsoft to license Deus Ex from Embracer, there would need to be a strong Game Pass value pitch and a deal that makes sense for all three parties.
Arkane is still the gold standard stylistically but feels unlikely in business terms.
A more probable route is a strong AA or AA-plus studio with immersive sim experience.
Developers like Spiders or Deck13 have experience building systems-driven RPGs on constrained budgets. They know how to ship mid-scope projects that still feel ambitious. They are not known for first person stealth, but they understand progression systems, choice, and consequence, all critical to Deus Ex.
Smaller immersive sim specialists such as studios formed from ex-Arkane or ex-Ion Storm talent could also be a natural fit. These teams might be more willing to take on a licensed project that comes with instant brand recognition. Their biggest challenge would be team size and funding scale, which is where a co-publishing deal with Embracer and a platform holder could make sense.
For Deus Ex specifically, a smart compromise would be a slightly smaller scoped project that focuses on dense hubs over globe-trotting scale. An external studio could target a structure closer to Mankind Divided’s Prague, but with a complete arc and strong side content, instead of trying to recreate the larger sweep of the original Deus Ex on a modern budget.
In that scenario, licensing absolutely could get a game out faster than trying to reassemble a full internal Deus Ex team from scratch.
TimeSplitters: the perfect candidate for a license-first comeback
If Deus Ex is tricky, TimeSplitters is tailor-made for Embracer’s new strategy.
The series is a fast-paced, irreverent arena shooter with light narrative framing and a focus on multiplayer and time-hopping themes. Free Radical’s attempted reboot got shut down during Embracer’s earlier cost cutting, but the IP still has a loyal fanbase and a clear niche as a throwback alternative to modern live service shooters.
Because TimeSplitters does not need a lavish cinematic campaign or cutting edge tech to succeed, it is ideal for a licensed AA project.
Several independent or AA studios could jump on this.
A multiplayer-focused studio with strong netcode and a fondness for retro shooters could turn TimeSplitters into a modern classic with a relatively modest budget. Think of teams that have cut their teeth on arena shooters, boomer shooters, or stylized PvP projects. The design challenge is more about capturing the feel of the original maps, the absurd character roster, and the chaotic modes than about creating a giant cinematic single player arc.
Licensing also opens the door for experimentation. Embracer could allow one partner to build a faithful multiplayer revival, while another handles a remastered collection or story-focused side project. Because the brand is light-hearted and flexible, the risk of tonal mismatch is lower than with Deus Ex.
From a timing perspective, a multiplayer driven TimeSplitters revival with a small but focused team could feasibly hit the market within three to four years of a deal being signed. That is faster than rebuilding a whole Free Radical scale studio internally.
Saints Row: the hardest IP to place
Saints Row presents the biggest challenge in this plan. The 2022 reboot showed how fragile the brand is when it loses its identity. The series has moved from GTA parody to full blown superhero chaos and then to a softer young-adult tone that failed to land.
Any external studio picking up Saints Row would inherit a community still divided over what the series should be.
One option is to lean back into over the top comedy and superpowered chaos, closer to Saints Row The Third and Saints Row IV. That path favors a studio that understands exaggerated physics, explosive sandbox design, and broad humor.
Another option is to steer the series toward a slightly more grounded crime comedy, with better shooting and driving and more believable characters. That would need a developer experienced with open world structure and systemic side activities more than pure slapstick.
Either way, Saints Row is bigger in scope than the other two series. A modern open world city with co-op, vehicles, customization, and story cinematics is an expensive undertaking, even with a license model. That makes it less suited to a smaller AA external partner and more likely to need a mid or large size team with proven open world experience.
In practical terms, Saints Row might not be the first of these series to return under the new licensing plans. Deus Ex can scale down to tighter hubs, and TimeSplitters can ship as a focused shooter. Saints Row almost has to compete in a space where expectations were set by GTA and contemporary sandboxes.
Licensing can help, but it does not erase the cost of building a city.
Can licensing actually speed things up?
Licensing saves Embracer from having to fund, staff, and manage long AAA productions, but it does not magically produce games. To actually accelerate revivals of Deus Ex, TimeSplitters, and Saints Row, several conditions have to line up.
First, clear creative frameworks. External studios need a sharp brief on what makes each IP tick, plus freedom to adjust scope. For Deus Ex, that might mean "dense, reactive hubs, conspiratorial story, choice driven quests" rather than "world tour of ten cities." For TimeSplitters, "fast, silly, modular multiplayer" instead of a sprawling campaign.
Second, realistic deal structures. The more restrictive Embracer is on budget, milestones, or revenue share, the fewer top tier partners will bite. The pivot to licensing only works if deals are attractive enough that good studios want the work instead of just building their own IP.
Third, some platform backing. For riskier series like Deus Ex, platform holders could tip the scales. A Game Pass, PlayStation Plus, or Epic deal that guarantees upfront funding in exchange for timed exclusivity could make a mid-budget Deus Ex viable where a traditional boxed release might not.
If those pieces fall into place, then yes, licensing probably gets a new Deus Ex, a new TimeSplitters, or even a new Saints Row into development faster than waiting for Embracer to rebuild internal capacity.
If Embracer treats licensing as a way to offload risk without sharing enough reward, then these franchises will stay on pitch decks instead of coming back to life.
What a realistic roadmap looks like
Assuming Embracer is serious and starts signing deals soon, the revival path looks staggered.
TimeSplitters is the fastest win. A modestly budgeted multiplayer revival or a remastered collection with online features could be done by an external studio with a two to three year schedule. This re-establishes the brand and tests demand without betting the farm.
Deus Ex is slower but still realistic. A mid-budget immersive sim focused on one or two deep hubs rather than globe trotting could emerge from a 70 to 120 person studio in three to four years, especially with some co-funding help from a platform partner.
Saints Row is the longest shot. A full open world reboot that can repair the brand’s reputation is a five year project even for a large, experienced team. Unless Embracer finds a developer eager to take on that challenge with solid financial backing, Saints Row may stay on the sidelines while the smaller scoped IP lead the licensing experiment.
For players who have been waiting since Mankind Divided for another trip into the world of conspiracies and augmentations, the upside is simple. Licensing finally gives Deus Ex a path forward that does not depend on Embracer betting a whole internal studio on one game.
Now it just needs the right partner.