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Remedy Entertainment signs a co-development and co-publishing agreement with 505 Games for Control 2

Remedy Entertainment (“Remedy”) has signed an agreement with 505 Games, an international video game publisher and a subsidiary of Digital Bros Group, under which Remedy and 505 Games will co-develop and co-publish Control 2 (formerly known as Codename Heron), a sequel to Remedy’s award-winning game Control.

Control 2’s initial development budget amounts to EUR 50 million, and Remedy will retain the ownership of the game’s intellectual property. The development, marketing, and post-launch investments as well as the future net revenues generated by the game will be equally split between 505 Games and Remedy. The game will be available on PC, PlayStation 5, and Xbox Series X|S, and it will be built on Remedy’s proprietary Northlight® engine and tools. Remedy will publish the game on the PC platform and 505 Games will publish it on the console platforms. The project is currently in concept stage.

The critically acclaimed Control was published in 2019. Since its release, Control was nominated for 11 BAFTA® Games Awards and received over 20 “Game of the Year” awards including IGN’s 2019 Game of the Year.

“We are excited to deepen our cooperation with Remedy and continue the success story of Control together. Since its launch in 2019, Control has sold over 3 million copies,” say Rami and Raffi Galante, co-CEOs of Digital Bros Group/505 Games. “Control is the biggest investment 505 Games has ever made, so it has a special place in our hearts. We are grateful to the whole player community that has made Control such a long-lasting and loved game, and are even more excited to bring out Control 2,” Rami and Raffi Galante continue.

In June 2021, Remedy announced that the company had outlined high-level collaboration terms with 505 Games for a bigger-budget Control game. “I’m now proud to confirm that the bigger-budget Control game, also known as Codename Heron, is Control 2, a full-blown sequel to our award-winning game Control,” says Tero Virtala, CEO of Remedy.

The agreement does not have an impact on Remedy’s outlook for 2022.

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Remedy provides updates on Control 2 and Max Payne remake

In a note to investors, the Finland-based developer provided new information on four new titles that it is currently working on.

"Control 2 continues in the proof-of-concept stage. The plans for this sequel are ambitious, and we have seen good progress both in the designs and in the game build," it said of the sequel to the 2019 third-person shooter.

"We will continue at this stage for the next few quarters. We focus on proving the identified key elements before moving to the next stage and scaling up the team."

On its upcoming remake of Max Payne 1&2, the company wrote: "Max Payne 1&2 remake progressed into the production readiness stage. We have gained clarity on the style and scope of the game, and we have an exceptionally well-organized team working on it. With these accomplishments, we are excited about the project and its future success."

"Condor, a co-operative multiplayer game, has progressed from the proof-of-concept to the production readiness stage. We have acquired valuable insights into developing service-based games and are now in a better position to create a game players can engage with for years."

"In Codename Vanguard we are defining the next stages of the project with our publishing partner," Remedy said in its latest note. "At the same time the project is aiming towards completing the proof-of-concept stage by the end of the year."

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