Key Takeaways
- Black Forest Games has officially separated from THQ Nordic and Embracer Group following a management buyout.
- The German studio behind the first two Destroy All Humans remakes has joined Third Signal as a founding member and co-owner.
- Third Signal is a new independent group of game development studios focused on premium PC and console games.
- Black Forest Games and THQ Nordic will continue collaborating on game development projects despite the separation.
- The studio has not announced a new Destroy All Humans game, and there is no indication that the franchise rights were included in the buyout.
Black Forest Games, the German developer responsible for remaking the first two Destroy All Humans! games, has officially regained its independence after almost a decade under THQ Nordic and Embracer Group. The studio has completed a management buyout, allowing its leadership team to take control of the company and determine its future outside the larger publishing group.
However, Black Forest Games isn’t simply returning to its independent roots. Alongside the buyout, the developer has become a founding member and co-owner of Third Signal, a newly established group of independent game studios. The initiative aims to give experienced development teams the resources, creative freedom, and independence needed to create premium games without necessarily growing into massive studios.
The move marks an interesting development for a studio that has spent years working on established franchises. Black Forest Games is best known among many players for its colourful remakes of Destroy All Humans! and Destroy All Humans! 2, although its history also includes original games such as Giana Sisters: Twisted Dreams and Fade to Silence.
Black Forest Games Completes Management Buyout From THQ Nordic
Black Forest Games has been part of THQ Nordic since August 2017, when the publisher acquired the German developer and brought its entire team under its ownership. The acquisition was one of THQ Nordic’s earlier major studio purchases before it became part of the much larger Embracer Group structure.
Almost nine years later, the relationship has taken a different direction. Through a management buyout, Black Forest Games’ leadership has regained control of the studio, ending its status as a subsidiary of THQ Nordic.
According to the announcement, the financial details of the transaction have not been disclosed. German industry publication GamesWirtschaft reports that the new ownership structure includes Black Forest Games CEOs Andreas Speer and Adrian Goersch, alongside Technical Director Johan Conradie and Art Director Eric Urock.
Adrian Goersch expressed gratitude toward THQ Nordic and Embracer Group for their years of collaboration, explaining that the team is now looking forward to shaping its own future as owners again.
The decision also reflects a difference in business priorities. Black Forest Games wants greater control over its creative direction and the projects it chooses to pursue, something that has become increasingly important for experienced development teams looking to operate independently.
Third Signal Wants to Support Independent Game Development Studios
The management buyout isn’t the only major development surrounding Black Forest Games. The studio is also helping establish Third Signal, a new group designed around independent game development teams.
Third Signal is co-owned by Third Signal Ventures and the management team of Black Forest Games. Its stated focus is developing premium games for PC and consoles while creating an environment where experienced developers can continue working on their own ideas.
Andreas Tobler, founder and CEO of Third Signal, explained the thinking behind the new initiative in its announcement.
“Some of the best games of the last decade came from teams of 50, not 500. Black Forest Games is one of them, and the right studio to launch Third Signal.”
He also described the group’s ambition to build a developer-driven organization that gives studios the independence, resources, and creative freedom needed to continue their work and bring original ideas to life.
This approach could be particularly interesting for smaller and experienced development teams. Not every successful game needs hundreds of employees or the enormous budgets associated with major AAA productions. Third Signal wants to build around studios that can remain relatively lean while still having access to the resources and partnerships necessary to make ambitious projects.
Black Forest Games is currently the group’s founding studio, and there haven’t been any additional developer acquisitions announced alongside the initial formation. However, bringing other independent teams into the organization appears to be part of its longer-term vision.
More information about the announcement is available through the Third Signal and Black Forest Games press release published by MCV/DEVELOP.
Black Forest Games and THQ Nordic Will Continue Working Together
Despite the ownership change, Black Forest Games isn’t necessarily cutting all ties with its former parent company. The announcement confirms that both businesses intend to continue collaborating on game development projects, even though they will now pursue different business priorities.
This is an interesting distinction because the management buyout doesn’t mean Black Forest Games will suddenly stop working with established publishers. Instead, the developer will have greater control over its own operations while remaining open to partnerships that make sense for its projects.
For THQ Nordic and Embracer Group, the arrangement also means that an established development partner remains available for future collaborations without the need to maintain direct ownership of the studio.
Black Forest Games has previously demonstrated that it can work on both original projects and established intellectual properties. Its experience with the Destroy All Humans! remakes helped introduce the franchise to a newer generation, while its other releases demonstrated an interest in different genres and game concepts.
Will Black Forest Games Make Another Destroy All Humans Game?
One question that longtime fans will probably have is whether this newfound independence could eventually lead to another Destroy All Humans! game. Unfortunately, there isn’t much reason to expect an immediate announcement.
More importantly, the management buyout does not appear to include the rights to the Destroy All Humans! franchise. The transaction concerns Black Forest Games and its ownership, rather than a confirmed transfer of the intellectual property.
Embracer Group’s 2025/26 annual report, published before the buyout announcement, still lists Destroy All Humans! among its owned intellectual properties. THQ Nordic also continues to identify the franchise as part of its brand portfolio. The latest announcement does not indicate that Black Forest Games has acquired those rights.
This means that even though the developer is now independent, any future project involving Crypto would likely require an agreement with the franchise’s rights holder. The continued development partnership between Black Forest Games and THQ Nordic could potentially leave room for future collaboration, but neither company has announced a new Destroy All Humans! game.
For now, fans can still revisit the two modern remakes. The original Destroy All Humans! remake arrived in 2020, followed by Destroy All Humans! 2 – Reprobed in 2022. Both brought improved visuals and modernized gameplay to the classic adventures of Crypto, the Furon alien who made the franchise memorable through its ridiculous humour and destructive gameplay.
Those interested in understanding the franchise’s ownership can also check Embracer Group’s 2025/26 annual report, which identifies Destroy All Humans! as one of the group’s owned intellectual properties.
Black Forest Games Is Already Looking Toward Its Next Project
While another Destroy All Humans remake hasn’t been announced, Black Forest Games’ leadership has already indicated that the studio has an exciting new project in its sights.
Goersch mentioned that the team is looking forward to working on a new project with a great team and strong partners behind it. However, the studio hasn’t revealed its name, genre, platforms, or potential release window.
That leaves plenty of room for speculation about what the independent developer might work on next. Black Forest Games has experience with action games, platformers, and remakes, so it wouldn’t be surprising to see the studio explore another established genre or attempt something entirely new.
What’s particularly interesting is that Third Signal could give Black Forest Games an opportunity to pursue its own creative ideas without completely losing access to external resources and publishing partnerships.
For players, the immediate news isn’t a new game announcement or a return of Crypto. Instead, it’s a significant change in ownership for a studio with a recognizable history. After almost nine years under THQ Nordic and Embracer Group, Black Forest Games is once again in control of its own future.
Whether that independence eventually leads to another memorable original game or a return to one of its previous franchises remains to be seen. But with Third Signal now established, Black Forest Games has an opportunity to show what a smaller, developer-led studio can accomplish without the pressure of operating within a much larger corporate structure.
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