In February this year, I wrote a blog post about how Middle-earth Enterprises were seeking to auction off the various rights they hold for the works of J.R.R. Tolkien. Today the Embracer Group announced that it was buying these rights as part of an ongoing acquisition strategy. The Swedish video game and media holding company has also purchased Limited Run Games, Tripwire Interactive as well as Middle-earth Enterprises portfolio. They recently acquired premium titles such as Tomb Raider, Deus Ex, and Thief. The Embracer Group currently owns more than 100 studios including Borderlands developer Gearbox, Saber Interactive, and THQ Nordic. Saudi Arabia recently bought a $1 billion stake in Embracer, which is around 8% of the company’s total shares. Embracer’s recent purchasing spree comes months after it acquired Square Enix’s three major Western game studios. In a press release the cost of buying the right to Tolkien’s work is £653,000,000 ($786,000,000).