Black Forest Games regains independence through buyout to launch new studio network

German developer Black Forest Games has split from THQ Nordic and parent company Embracer Group through a management buyout after nine years under the publisher. Best known for Giana Sisters: Twisted Dreams and remakes of the first two Destroy All Humans games, the team has formed an independent studio group named Third Signal to begin operating on its own again. [1][2]

Third Signal founder and chief executive Andreas Tobler explained that the group intends to give smaller development teams the creative freedom and resources to pursue their own projects, arguing that strong games often emerge from groups of 50 rather than 500. Black Forest managing director Adrian Goersch stated that the studio is working on an unannounced new project alongside outside partners, though the team still plans to collaborate with THQ Nordic in some capacity. [1][2]

The separation follows years of extensive restructuring across Embracer Group, which previously offloaded major assets such as Gearbox Software and cut roughly 50 staff from Black Forest Games in 2024. The move also follows a turbulent period for the German studio, which had been developing an adaptation of the Teenage Mutant Ninja Turtles comic The Last Ronin before the project was canceled and subsequently shifted to PlatinumGames. [1][2]