Ex-Annapurna Devs Form Indie Publisher Private Division

Executive Summary

Following a breakdown in negotiations with Annapurna Pictures CEO Megan Ellison, the majority of Annapurna Interactive's staff departed in September 2024. These former employees have since acquired Private Division, a studio previously owned by Take-Two Interactive.

After Take-Two Interactive sold Private Division in November 2024, most of its staff were laid off. The buyer, reportedly Austin-based Haveli Investments, has facilitated the transition of Private Division's operations to the ex-Annapurna team.

This acquisition includes ongoing projects like the anticipated March 2025 release of Tales of the Shire, the established Kerbal Space Program, and an unannounced title from Game Freak. However, the newly formed entity's name, long-term strategy, and IP plans remain undisclosed. Further layoffs are expected as the Annapurna team integrates.

Private Division's Transition Reflects Industry Instability

The Annapurna Interactive staff exodus in September 2024 followed failed negotiations. While Haveli Investments' acquisition of Private Division retained approximately twenty employees, some will be let go to accommodate the incoming Annapurna team. The future direction of the combined entity—including potential new projects or IP—is uncertain.

This merger highlights the volatile state of the gaming industry. Recent years have witnessed widespread layoffs and studio closures as investors retreat from high-risk, large-scale projects. The absorption of one group of laid-off employees by another underscores the industry's aggressive, often ruthless, approach to adapting to these shifts.