Toadman Interactive, the studio known for developing original titles like Immortal Unchained and plying its trade as a work-for-hire developer, is making layoffs.
The company confirmed the news on LinkedIn and explained it would be making some redundancies and shuttering its offices in Stockholm, Visby, and Oslo.
"Like many other game companies, we have gone through a tough period over the last 12 months, and, unfortunately, that means that we are shutting down our offices in Stockholm, Visby, and Oslo, as well as having some redundancies in our Berlin studio," reads the statement. "If you are hiring in the games space, please reach out to Araken dos Santos<…
Alan Wake and Control developer Remedy has entered into a €15 million ($16.7 million) convertible loan agreement with Tencent.
Remedy said the loan will carry an 8 percent annual non-cash interest rate and has a fixed conversion rate of €27.2 per share.
Studio CEO Tero Virtala said the move will strengthen Remedy's position in the value chain and give the company more control over how its projects are commercialized.
"As we move towards self-publishing, this financing will support us in developing and fully realizing the potential of the games we have in development and successfully carrying out the commercial activities of our next self-published games," he added in a press release