The Oldest House could be coming to a big screen near you. TV and film adaptations of Control and Alan Wake may be on the way after Remedy Entertainment struck a deal with Annapurna Pictures. Annapurna is stumping up half of the development budget for Control 2 and in return it snapped up the rights to adapt the two franchises.
Remedy fully owns the intellectual property of both after it bought the rights to Control from 505 Games earlier this year. The two franchises exist in an MCU-style shared universe, and they’re both highly cinematic. Expanding them into audiovisual mediums makes a lot of sense.
Remedy will take the lion’s share of Control 2 game revenue after both sides have recouped their investments. Annapurna will keep most of the proceeds of any TV and film projects. No specifics have been revealed about how it may adapt Control and Alan Wake.
The studio is behind movies such as Zero Dark Thirty, Her and Nimona, which turned out to be a surprise hit on Netflix. It’s starting to turn games published by its excellent Annapurna Interactive division into films as well. An animated Stray movie is on the way.
“Annapurna’s expertise across film, TV and video games makes them an ideal partner for us,” Remedy CEO Tero Virtala said. “This agreement will ensure we can develop Control 2 into the best game possible, allow us to move into self-publishing for selected titles and expand our franchises to other mediums.”
The agreement should alleviate some financial pressure on Remedy. Control 2 had an initial budget of 50 million euros ($55.4 million), but that number could end up rising. Moving into TV and film will give Remedy a fresh revenue stream too.
Remedy’s operating profit nosedived over the last couple of years. It had 19 million euros ($21.1 million) in net cash at the end of June, down from 31.7 million euros a year earlier. Its games have been critically acclaimed. However, Alan Wake 2, which Remedy said in February was its fastest-selling game to date, had only “recouped most of its development and marketing expenses” as of earlier this month.
Control 2 is not yet in full production, so it will still be at least a few years away. Remedy has two other games in the works: a multiplayer Control project and a remake of the first two Max Payne titles. A co-op shooter Remedy was developing with Tencent was scrapped earlier this year.
