Embracer Group is reportedly looking at selling off Gearbox Entertainment, the maker of Borderlands, as the gaming conglomerate searches for ways to make money following the collapse of a major funding deal earlier this year. Reuters reports that Embracer is already shopping the studio around but warned that “a deal may not happen.”

This is the latest dip in the rollercoaster ride that has been Embracer’s last few years. The company has pieced together an immense gaming and entertainment portfolio through a nonstop series of acquisitions, which has brought together the comics group Dark Horse, Tomb Raider maker Crystal Dynamics, and franchising rights to The Lord of the Rings and The Hobbit, among other properties.

Obviously, this cost a lot of money! Which made it a big problem when a deal for a $2 billion investment, reportedly from a Saudi investment group, fell through in June. The company subsequently announced plans to restructure, which would involve layoffs, cutting spending, and closing and selling off segments. Now, it seems, Gearbox is on the list for potential divestment.

Gearbox was acquired by Embracer in 2021 in a deal worth up to $1.3 billion. The company has put out two Borderlands spinoffs since then, and a Borderlands movie is supposed to be released in 2024. In July, the company published Remnant 2, a shooter / RPG that became the month’s bestselling title in the US. Reuters reports that the company is primarily being marketed to “international gaming groups.”