Lars Wingefors made this announcement via an open letter to shareholders on May 20, 2026. Fellowship Entertainment will be a publicly listed company on the Nasdaq in Stockholm beginning in 2027, and will be a standalone business that holds the LotR IP, the Tomb Raider IP, and other notable IPs, such as Kingdom Come: Deliverance, Dead Island, Darksiders, Remnant and others. Dark Horse will also become operationally part of this new IP and licensing business unit, as they have experience with Hollywood production. Dark Horse Media was previously operating as part of Embracer’s Entertainment and Services unit (see “Dark Horse, Middle-earth Parent”).
The spinning off of Fellowship Entertainment follows the same concepts behind Embracer’s spin off of Coffee Stain and Asmodee (see “Asmodee Spin-Off Dates Set”). The IPs that will be part of Fellowship Entertainment have delivered strong financial results over time and accelerated Embracer’s strategic initiatives. The IPs are attached to dozens of licensing agreements with other companies, across multiple industries, that bring in revenue. Several of these agreements are with publishers in the games industry (see “Partner Publishers”).
