Polish game maker 11 bit studios shuts down 'Project 8' development (updated)

11 Bit Studios SA

17/12/2024 10:47

(Adds detail, shares move from paragraph 2)
       GDANSK, Dec 17 (Reuters) - Polish video game producer 11
bit studios is shutting down development of its "Project 8"
game, citing a likely unsatisfactory rate of return, it
confirmed on Tuesday.
    The maker of the Frostpunk saga said last week it was
considering options for the project, which it then estimated
could lead to a write-down of up to 48.4 million zlotys ($11.91
million).
    Shares in the company fell as much as 11.7% following the
news to their lowest since November 2017, and by 1008 GMT were
down 8.9%.     
    The firm said job cuts in the team working on the project
would follow the closure.
    BDM brokerage analyst Krzysztof Tkocz said last week that at
the end of the third quarter the team developing the game
consisted of 37 people.
    Project 8's expected debut had already been delayed a couple
of times, while work on the game had been going since roughly
2018.
    Including today's fall, 11 bit studios stock has dropped by
71.5% so far this year.
    ($1 = 4.0632 zlotys)

 (Reporting by Mateusz Rabiega; Editing by Louise Heavens and
Jan Harvey)
 ((Mateusz.Rabiega@thomsonreuters.com; +48 58 769 67 57;))