Embracer Group undergoes major cutbacks and cancellations following failed deal.

Embracer Group is restructuring its business, which includes game cancellations, layoffs, and selling or closing studios, in an attempt to reduce costs and make the business more efficient after a $2 billion deal fell through. The restructuring process will be completed by March next year, and it is not yet clear which studios the company plans to close or sell. Embracer says the game cancellations are "almost entirely" for projects that haven't been announced and for which it projects low returns.