Remedy Shares Max Payne Remake Update as Tencent Nearly Triples its Investment

In its quarterly earnings presentation, Remedy Entertainment shared an update on its remake of Max Payne 1 and 2, as well as the news that Tencent has nearly tripled its investment in the studio.

In a report for shareholders, Remedy announced that Max Payne 1 & 2 remake is expected to move into “full production” during Q2 of 2024 (April through June of 2024). Additionally, Codename Kestrel — Remedy’s upcoming multiplayer action game formerly known as Vanguard — is still in the concept stage.

Elsewhere, the Control 2 team is finalizing its proof of concept and is expected to advance to the “production readiness stage” during Q2. Codename Condor, a multiplayer game set in the Control universe, is in “the final development stage before a game is launched,” or full production.

With all these games in the cooker, Remedy has received a new infusion of cash from existing stakeholder Tencent. Previously, Tencent acquired a minority (3.8%) stake in Remedy that it later upped to 5%. Today, Remedy announced that Tencent increased its stake again to 14.8%, nearly triple what it was prior.

A busy year for Remedy

It was a busy period for Remedy. The company fully acquired rights to the Control franchise from 505 Games, and is currently discussing future partnerships and business and publishing models, including self-publishing. Alan Wake 2 sold 1.3 million units as of the start of February, and Remedy says today that the game has recouped “a significant part” of its expenses.

The company additionally announced today that its COO Christopher Schmitz is resigning, and that long-time Remedy veteran and Control game director Mikael Kasurinen is being appointed as a company-wide creative director. Remedy’s revenue for the quarter was up 56.2% year-over-year to €10.8 million ($11.6 million).

Two planned expansions for Alan Wake 2 are currently in the works, one entitled Night Springs, and a second entitled The Lakehouse. Neither has a release date just yet.

Rebekah Valentine is a senior reporter for IGN. Got a story tip? Send it to [email protected].