Is Flying Wild Hog still owned by Embracer in 2026?

Yes, as of the May 2026 announcement, but Embracer plans to split into two public companies, and Flying Wild Hog Studios is named as moving to the new Fellowship Entertainment entity, targeting a Nasdaq Stockholm listing in 2027.

Did Flying Wild Hog survive Embracer's mass layoffs?

Yes. Embracer cut roughly 7,800 to 8,000 jobs and closed or divested over 40 studios between 2023 and 2025, including sister studios Volition and Piranha Bytes, but Flying Wild Hog was not among the closed or divested studios.

What is Flying Wild Hog's biggest current project?

Tomb Raider: Legacy of Atlantis, co-developed with Crystal Dynamics for publisher Amazon Game Studios, revealed at The Game Awards 2025 and now scheduled for February 12, 2027 after being delayed from an original 2026 window.

How many employees does Flying Wild Hog have?

Sources conflict: the studio's own site claims nearly 200 employees across three Polish studios, Wikipedia lists 330 as of July 2026, and Pitchbook lists 244 as of 2024, so the actual figure likely sits somewhere in the low-to-mid 200s to low 300s.

Could AI replace a studio like Flying Wild Hog?

Not directly as of 2026; craft-heavy AAA co-development work and publisher-trust relationships like the Crystal Dynamics Tomb Raider deal aren't easily automated, though asset generation, localization, and QA workflows remain exposed with no public evidence yet of Flying Wild Hog adopting AI tools.

Who is Flying Wild Hog's biggest competitive threat?

Not a rival studio but its own parent's restructuring: Embracer's 2023-2025 purge closed 40-plus sister studios, and the 2026 Fellowship Entertainment spin-off (targeting a 2027 Nasdaq Stockholm listing) creates ownership uncertainty that could affect future contract flow.

Gaming companies · subsidiary of Fellowship Entertainment (planned spin-off from Embracer Group, Nasdaq Stockholm listing target 2027; currently wholly-owned by Embracer Group) · Poland

Flying Wild Hog

flyingwildhog.com ↗

Polish work-for-hire studio (Shadow Warrior) now co-developing Tomb Raider for Amazon and Crystal Dynamics.

Losing its protection

Assessed 23 July 2026 · Evidence as of 23 July 2026

The structural protection is eroding.

On the recordSince 23 July 2026 · Checkable from Feb 12, 2027 · Every call on the record Checkpoint: Tomb Raider: Legacy of Atlantis launch and reception

The call

Flying Wild Hog kept its seat through Embracer's purge by staying useful on Tomb Raider, with its next contract riding on how that game lands in 2027.

Flying Wild Hog makes video games for big publishers under contract, rather than creating its own games. It survived massive layoffs at its parent company Embracer Group and landed a major job working on Tomb Raider: Legacy of Atlantis, but this creates a dangerous situation: the studio has no backup if that one game fails, the game is already delayed to February 2027, and its parent company is spinning off into a new company and cutting hundreds of jobs at the same time. The biggest risk is that even though publishers trust this studio now, that trust can disappear when a contract ends, especially if the new parent company decides to cut costs again.

Why

AI pressure: Generative AI art/code tools used by publishers to cut co-dev headcount. Publishers can lean on AI-assisted asset and level tools to shrink outsourced co-dev contracts like FWH's. Could AI do the core job? Only partly.

Bigger players: Embracer Group / Fellowship Entertainment spin-off. Parent already cut 7,800+ jobs and closed 40+ studios; FWH survived but sits inside a still-restructuring group. Could a giant copy it? Yes, easily.

What protects it. 17 years of publisher trust and a marquee co-dev slot on Tomb Raider keep FWH inside Fellowship's core lineup.

What would change this call

Tomb Raider: Legacy of Atlantis slips past Feb 12, 2027 or launches to weak reviews. Would signal Flying Wild Hog's execution and relationship moat are weakening.
Fellowship Entertainment spin-off completes in 2027 with further Poland-side staff cuts at Flying Wild Hog. Would show the studio's survivor status is not secure post-restructuring.
No new original-IP greenlight or co-dev contract announced within 6 months of the Tomb Raider launch. Would confirm single-title dependency and a thin forward pipeline.

Key numbers

7,800-8,000 jobs cut across Embracer, 2023-2025 (2026-07-20)
40+ Embracer studios closed or divested (2026-07-20)
No original FWH title shipped since Nov 2022 (2026-07-07)

Named risks

Single-title dependency on Legacy of Atlantis with no new original IP shipped since Nov 2022. Severity: high
Legacy of Atlantis already delayed once from 2026 to Feb 12, 2027, second slip possible. Severity: medium
Fellowship Entertainment spin-off (targeting 2027 Nasdaq Stockholm listing) creates ownership and funding uncertainty. Severity: medium
Embracer confirmed ~900 group-wide departures around May 2026 even after FWH's survivor status. Severity: medium
Conflicting headcount data (200 to 330) signals limited public transparency on studio stability. Severity: low

Rivals, as read in July 2026

Rival	Direction	Evidence
Machine Games	contesting	Both develop stylized action/FPS titles for major publishers; no direct 2026 head-to-head reported
Gunfire Games	contesting	Named as a fellow studio moving toward Fellowship Entertainment per May 2026 spin-off plan
Warhorse Studios	losing to	Larger-budget internal Fellowship sibling studio (Kingdom Come: Deliverance) commands bigger resources as of 2026
Crystal Dynamics	contesting	Co-developer and simultaneously sibling Fellowship studio on Tomb Raider: Legacy of Atlantis, Feb 2027

Questions people ask

Is Flying Wild Hog still owned by Embracer in 2026?: Yes, as of the May 2026 announcement, but Embracer plans to split into two public companies, and Flying Wild Hog Studios is named as moving to the new Fellowship Entertainment entity, targeting a Nasdaq Stockholm listing in 2027.
Did Flying Wild Hog survive Embracer's mass layoffs?: Yes. Embracer cut roughly 7,800 to 8,000 jobs and closed or divested over 40 studios between 2023 and 2025, including sister studios Volition and Piranha Bytes, but Flying Wild Hog was not among the closed or divested studios.
What is Flying Wild Hog's biggest current project?: Tomb Raider: Legacy of Atlantis, co-developed with Crystal Dynamics for publisher Amazon Game Studios, revealed at The Game Awards 2025 and now scheduled for February 12, 2027 after being delayed from an original 2026 window.
How many employees does Flying Wild Hog have?: Sources conflict: the studio's own site claims nearly 200 employees across three Polish studios, Wikipedia lists 330 as of July 2026, and Pitchbook lists 244 as of 2024, so the actual figure likely sits somewhere in the low-to-mid 200s to low 300s.
Could AI replace a studio like Flying Wild Hog?: Not directly as of 2026; craft-heavy AAA co-development work and publisher-trust relationships like the Crystal Dynamics Tomb Raider deal aren't easily automated, though asset generation, localization, and QA workflows remain exposed with no public evidence yet of Flying Wild Hog adopting AI tools.
Who is Flying Wild Hog's biggest competitive threat?: Not a rival studio but its own parent's restructuring: Embracer's 2023-2025 purge closed 40-plus sister studios, and the 2026 Fellowship Entertainment spin-off (targeting a 2027 Nasdaq Stockholm listing) creates ownership uncertainty that could affect future contract flow.

Timeline

2026-06-02Legacy of Atlantis delayed from 2026 to Feb 12, 2027 release on PS5, Xbox, Steam, Switch 2
2026-05-22Embracer confirmed roughly 900 additional group-wide employee departures
2026-05-20Embracer announced Fellowship Entertainment spin-off, Flying Wild Hog named to move with it
2025-12-12Tomb Raider: Legacy of Atlantis publicly revealed at The Game Awards 2025
2025-06-11Embracer CEO who oversaw acquisitions, closures and layoffs announced step-down
2022-11Evil West ships; last original Flying Wild Hog IP release to date
2020-11-18Embracer Group (via Koch Media) acquired Flying Wild Hog for $137.2 million
2019-03Flying Wild Hog acquired by Supernova Capital LLP
2009-04-01Flying Wild Hog founded in Poland

Revision history

23 July 2026

First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.

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