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Black Forest Games Parts Ways With THQ Nordic, Co-Founds Indie Game Studio Collective Third Signal

by Rainier on Nov. 11, 2026 @ 10:16 a.m. PST

Third Signal, a new independent group of game development studios, announced that Black Forest Games is spinning out of THQ Nordic through a management buyout.

After almost a decade of working together, Black Forest Games and THQ Nordic are changing their approach.

Following a management buyout by the leadership of Black Forest Games, the two companies will pursue different business priorities. Disregarding the new setup goin forward, both companies will continue to collaborate on projects within game development.

The German studio behind Destroy All Humans! - Remake, Giana Sisters: Twisted Dreams, Fade to Silence and more joins the newly founded Third Signal as its founding member and its management team becomes a co-owner of the group.

Black Forest Games has been part of THQ Nordic, within Embracer Group, since 2017. The studio is based in Offenburg and continues to develop and publish games under its own label.

"Some of the best games of the last decade came from teams of fifty, not five hundred. Black Forest Games is one of them, and the right studio to launch Third Signal. Our vision is to build a developer driven group and give teams the independence, resources and creative freedom to continue their creative legacy and bring their own ideas to life," said Andreas Tobler, founder and CEO of Third Signal.

"We are grateful to THQ Nordic and Embracer for nine good years and the games we made together. Now, we're excited to shape our own future as owners again, to work on an exciting new project with a great team and strong partners behind us,” said Adrian Goersch. “There are lots of opportunities for lean, experienced teams, and we will use them” adds Andreas Speer, both CEOs of Black Forest Games and co-founders of Third Signal Studios.

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