German developer Black Forest Games has separated from publisher THQ Nordic and parent company Embracer Group through a management buyout, regaining its independence after nine years of corporate ownership to steer its own creative roadmap [4]. The team behind the modern Destroy All Humans! remakes completed the private purchase while helping establish a new independent studio collective called Third Signal in Austria [1, 5]. Both companies will keep collaborating on game projects [4].
Details of the Black Forest Games Buyout
The buyout puts full company ownership back into the hands of the studio’s executive leaders, concluding a corporate relationship that began when THQ Nordic acquired the German developer in August 2017 to expand its European production capacity [4]. According to German trade publication GamesWirtschaft, the management team leading the buyout consists of managing directors Andreas Speer and Adrian Goersch, technical director Johan Conradie, and art director Eric Urocki. The purchase price was not publicly disclosed. The leadership group completed the transaction through a new Austrian holding company under the Third Signal name, seeking greater control over staffing decisions and long-term project selection after corporate strategies began to diverge. Goersch told GamesWirtschaft that the deal had been in preparation for several months before the official announcement was made [5].
Adrian Goersch released a public statement expressing gratitude toward THQ Nordic and Embracer Group for their support over nine years. “We are grateful to THQ Nordic and Embracer for nine good years and the games we made together,” Goersch said. “Now, we’re excited to shape our own future as owners again, to work on an exciting new project with a great team and strong partners behind us [2].” The studio doesn’t plan to isolate itself [4].
The Rise of Third Signal
Instead of operating on its own, the studio partnered with Third Signal Ventures to establish a new developer-led studio collective [3, 4]. Third Signal founder and chief executive officer Andreas Tobler brings extensive industry background to the initiative, having previously co-founded Austrian publisher JoWooD and later served as a senior portfolio and business development executive at Plaion. Tobler previously ran JoWooD for years [5]. He argues that smaller, focused development teams often produce higher quality video games than massive corporate organizations that employ hundreds of staff members on single projects [1, 2]. Black Forest Games serves as the founding member of the initiative, giving the new collective an active production house with a proven track record on both PC and console platforms [4].
“Some of the best games of the last decade came from teams of fifty, not five hundred,” Tobler said in a joint press announcement. “Black Forest Games is one of them, and the right studio to launch Third Signal.” “Our vision is to build a developer driven group and give teams the independence, resources and creative freedom to continue their creative legacy and bring their own ideas to life.” The group plans to add more studios [2].
Nine Years Under THQ Nordic
The buyout concludes a corporate relationship that began during an active acquisition period when THQ Nordic purchased Black Forest Games in August 2017, acquiring all outstanding equity from the studio’s five original founders to secure its talent. Initial cash consideration was €900,000 [3, 5]. The agreement also outlined an earn-out bonus of up to €450,000 based on future performance, while securing ownership of catalog titles like Giana Sisters and Rogue Stormers [5]. That acquisition stood out as one of the publisher’s earliest studio deals before parent company Embracer Group expanded into international markets, purchasing major entertainment properties including The Lord of the Rings, Tomb Raider, and Kingdom Come: Deliverance. Embracer subsequently launched a restructuring program in 2024 to reduce debt and streamline operations within its gaming subsidiaries [1].
Embracer sold Gearbox Software in 2024 [1]. Recent financial filings show Embracer’s revenue rising 14 percent to SEK 4.13 billion for the July-to-September quarter, helping the parent company return to operating profit. The group is also preparing to spin off its Fellowship Entertainment division by 2027. Black Forest Games negotiated its departure separately through management, allowing both parties to preserve productive development ties on future projects [4, 5].
Franchise Rights and Future Projects
While Black Forest Games has regained independence, the management buyout does not grant the team ownership of the Destroy All Humans! franchise, which remains in the hands of publisher THQ Nordic under Embracer Group. Crypto remains owned by THQ Nordic. Embracer Group’s latest annual report for 2025/26 continues to list the comedic alien action series among its proprietary intellectual assets. Because the buyout excluded those rights, the independent developer can’t unilaterally produce a third remake or a brand-new franchise sequel. Any prospective project featuring Crypto would require a specific publishing agreement or licensing contract with THQ Nordic, though neither company has announced plans to collaborate on another entry in the alien adventure series [4].
Leadership hasn’t disclosed the genre, title, or platform targets for its upcoming release, but Goersch confirmed that work on an unannounced project is already underway [2, 4]. The project features strong external partners [2]. Joining Third Signal provides shared funding, distribution networks, and production assistance, allowing the German team to focus on game development while retaining full creative control over its own original intellectual properties [4].
How Black Forest Games Built Its Catalog
Black Forest Games was established in Offenburg in 2012, building its early reputation on retro revivals and platforming action titles [3, 5]. Five founders originally launched the studio [5]. The team first gained attention with Giana Sisters: Twisted Dreams, a puzzle platformer that revived a franchise originally created by Time Warp in the 1980s. It later expanded its portfolio by shipping the winter survival title Fade to Silence and developing Bubsy: The Woolies Strike Back, reviving a classic character originally created by Accolade for earlier console generations [2, 3]. In 2020, the studio delivered its remake of the 2005 cult classic Destroy All Humans!, updating Pandemic Studios’ original design with modernized visual assets, re-recorded voice lines, and refined controls for modern PC and console players [1, 2].
The developer followed up in 2022 with Destroy All Humans! 2 – Reprobed, accompanied by the multiplayer expansion Clone Carnage [1, 2]. A Switch version followed later [1]. Those releases showed that a mid-sized German studio could handle complex modern remakes and deliver polished multiplatform experiences on reasonable production budgets. Now operating as an independent studio within Third Signal, Black Forest Games enters its next production phase with full creative autonomy and direct control over its future projects [4].
- ONLINE NEWS Serin, K. (2026, November 11). Destroy All Humans remake developer goes independent after almost 10 years of ownership, splits from THQ Nordic and parent company Embracer Group. Eurogamer.net. [Article Link]
- ONLINE NEWS Warren, M. (2026, November 11). “Some of the best games of the last decade came from teams of fifty”: Destroy All Humans! remake devs Black Forest Games split from THQ Nordic to launch new indie studio group. Rock Paper Shotgun. [Article Link]
- ONLINE NEWS Game World Observer. (2026, November 11). Black Forest Games has left THQ Nordic and Embracer Group. [Article Link]
- ONLINE NEWS Vasudeva, K. (2026, November 11). Destroy All Humans Remake Studio Black Forest Games Goes Independent. Gaming ProMax. [Article Link]
- ONLINE NEWS Harrison, D. (2026, November 11). Destroy All Humans! Developer Black Forest Games Leaves Embracer in Management Buyout. FluxGamer. [Article Link]
