Plus, CEO Hilmar Veigar Pétursson explains the decision to break away from Crimson Desert maker Pearl Abyss, and why they've partnered with Google DeepMind. CCP Games rebrands to Fenris Creations, citing a clash with the Chinese Communist Party. The company also announced a partnership with Google DeepMind.
CCP Games, the maker of Eve Online, recently underwent significant changes. The company separated from Korean owner Pearl Abyss, which had acquired it in 2018. Following this, CCP announced its rebranding to Fenris Creations. CEO Hilmar Veigar Pétursson revealed that the decision to become independent again had been brewing for a few years. The divergence stemmed from both companies being engrossed in their own projects - Eve Online and Crimson Desert - rather than pursuing their initial shared vision.
The management buyout this week highlighted a notable shift in valuations. When Pearl Abyss purchased CCP in 2018, the deal amounted to $225 million in cash and $200 million in performance-related payouts. In contrast, when CCP repurchased itself, the valuation stood at $120 million - $100 million in cash and $20 million in crypto. Pétursson emphasized that these figures reflect the evolving market conditions since 2018.
Furthermore, CCP Games rebranded to Fenris Creations, citing a clash between its original name and the Chinese Communist Party. The new name holds significance in Norse mythology and symbolizes destruction and creation. Additionally, the company announced a partnership with Google DeepMind, known for its advancements in artificial intelligence. Pétursson sees this collaboration as a natural progression, given DeepMind's history of tackling complex games like chess and StarCraft.
