The next title from Quantum Break developer Remedy Entertainment will be published by 505 Games.
505 has secured a 20 year rights deal that will see it invest €7.75m into the Finnish studio. In return, 505 gets 45 per cent royalties on net sales.
The new game itself has not yet been announced, and currently goes by the codename Project 7. It is set in a new Remedy-created universe”, features an intriguing story and a game structure offering a long-lasting experience” and contains the deepest game mechanics yet in a Remedy game”.
It is coming to PS4, Xbox One and PC following last month's announcement that the studio is returning to multiplatform development. P7 will be its first PlayStation release in over a decade.
It is a sign of how far 505 Games has come that we are now in a position to partner with such a talented development studio as Remedy Entertainment,” CEO of 505 owner Digital Bros Raffaele Galante said.
Our mutual life-stages, ambitions and business objectives are actually very well-aligned and we are excited to enter into what feels like a very natural partnership. The agreement fits perfectly with our strategy of continuous improvement of the quality and the potential returns of our portfolio.”
Remedy CEO Tero Virtala added: We have a strong vision of what P7 should be. 505 Games brings into this partnership experience and competences that help us successfully make this vision become reality together. Remedy is also investing in P7 and is deeply committed to creating an unique gaming experience that will keep the players engaged and playing for a long time to come. We are really excited to embark on this journey with 505 Games.”
Remedy said last month that it intends to go public, possibly this month.