Guillemot seems much more open to the possibility of a buyout now, and today’s earnings report almost reads like a sales pitch. Ubisoft had a lot to say about its “powerful portfolio of assets” and having the “richest pipeline of games” in the company’s history, vague gestures toward the future in a document usually promoting last quarter’s success.


It’s not clear who might potentially be interested in buying Ubisoft. Rainbow Six Extraction and eventually Ubisoft+ coming to Game Pass ignited speculation about Microsoft. Tencent, meanwhile, already has a 5% stake in the company with the option to increase it starting next month.Whoever it might be could potentially get it at a bargain. Ubisoft’s market cap is $6 billion and its stock is worth half of what it was a year ago. At the same time, Ubisoft is roughly twice the size of Activision Blizzard in terms of body count with nearly 20,000 employees spread out across the globe.

Whatever ends up happening, many of the actual workers would like to have a say in it. Following a widespread reckoning with workplace misconduct that started in 2020, the ABetterUbisoft group of 1,000 current and former developers signed a letter asking for more transparency and accountability. They say Guillemot and others still refuse to engage with their demands over 200 days later.