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Team17 buys Hell Let Loose and indie publisher The Label

The UK publisher has one eye on the subscription space, and another on its first-party roster.

Chris Kerr, News Editor

January 6, 2022

2 Min Read

UK publisher Team17 has spent over $100 million to acquire U.S. based indie publisher The Label and the rights to strategic multiplayer shooter Hell Let Loose.

The Label previously worked with Apple and Google to help both companies launch their respective game subscription services, and has been purchased by Team17 in a deal worth up to $40 million.

That fee includes an initial payment of $24 million with an additional earn out consideration worth a maximum of $16 million to be paid over the next three years.

Team17, known for developing the Worms franchise and publishing titles like Overcooked and The Escapists, said the deal will help it establish a "dynamic and fast-growing subscription arm" while enhancing its relationships with both Google Play and Apple Arcade.

The company believes demand in the subscription space will continue to accelerate in the coming years, and intends to use The Label's expertise to better leverage its own franchises and capitalize on that "growing opportunity."

In something of a double swoop, Team17 has also purchased the assets and rights to Hell Let Loose from developer Black Matter for a maximum of £46 million ($62.2 million), comprising an initial fee of £31 million and an earn out consideration that could rise to £15 million.

Team17 had already worked on the project as co-developer and publisher, but will now bring the tactical first-person shooter into its first-party portfolio. Hell Let Loose, which currently has over six million players, will become the first member of a new "core gaming label" that's being established by Team17.

Looking ahead, Team17 wants to extend the lifecycle of the existing game by producing additional DLC and plans to explore potential sequels and other commercial opportunities for the franchise.

"Having built a close and extremely productive relationship with Black Matter already, we believe that by bringing Hell Let Loose into the Team17 stable, we can serve and build upon the needs of an ever-growing community, improve and expand upon the existing player experience and develop new ways to entertain and delight," said Team17 Games Label CEO, Mark Pattison.

"This acquisition represents an important next step in our strategy to expand our ownership of IP that is not only of the highest quality, but importantly has long-term growth potential."

About the Author(s)

Chris Kerr

News Editor, GameDeveloper.com

Game Developer news editor Chris Kerr is an award-winning journalist and reporter with over a decade of experience in the game industry. His byline has appeared in notable print and digital publications including Edge, Stuff, Wireframe, International Business Times, and PocketGamer.biz. Throughout his career, Chris has covered major industry events including GDC, PAX Australia, Gamescom, Paris Games Week, and Develop Brighton. He has featured on the judging panel at The Develop Star Awards on multiple occasions and appeared on BBC Radio 5 Live to discuss breaking news.

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