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Breaking News: Slightly Mad Studios Bought by Codemasters

British game development studio Codemasters have purchased Slightly Mad Studios in a $30m USD deal that could raise to a potential $67m over a three-year period.

Slightly Mad Studios Online Marketing Director, Nathan Bell has been on social media in recent weeks teasing an "enormous" announcement for the studio, and today we apparently find out what that is - the team responsible for the Project CARS franchise have been bought out by Codemasters.

According to gamesindustry.biz, Codemasters have made an initial $25 million upfront payment with an additional $5 million in stock, but that fee could raise to around $67 million thanks to a three year earnout clause based on Slightly Mad's EBITDA.

“Codemasters' acquisition of SMS will create a global leader in the racing genre," said Codemasters CEO Frank Sagnier to gamesindustry.biz. "Their focus on AAA quality and the passion that they put into everything they create mirrors our own. Both companies have a number of world renowned, successful franchises along with exciting product development pipelines, supported by leading IP and some of the best talent in the gaming industry".

"The enlarged Codemasters will have greater scale and reach, diversified, predictable revenue streams and the opportunity to bring outstanding entertainment to a far wider audience. We welcome Ian and his team to the Codemasters family and can't wait to start working together to create the future generation of racing franchises.”
Interestingly, the same article indicates Slightly Mad Studios have three new games in their production pipeline - a mobile title based on the Project CARS franchise (Project CARS Go), a game featuring a Hollywood blockbuster movie (hinted to be Fast & Furious if earlier comments from studio head Ian Bell are to be believed) and an as yet unannounced new racing title - plus of course Project CARS Revolution.

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RaceDepartment Editor-in-Chief, occasional YouTuber, commentator and broadcaster, with a passion for motorsport on both the real and virtual racetrack.

Will Mazeo

May 25, 2015
I think this is more bad than good. One less independend sim dev and with the stupid e"sports" thing going on I'm afraid some of these big studios will now get some exclusive deals or cause a rise in license prices leaving true sims with small chances of getting some popular content


Best of the worst, sometimes worst of the worst.
Dec 23, 2012
I'm never a fan of such buyouts - sounds like one independent studio less on the market. I'd prefer SMS and Codies pushing each other for benefit of us - simracers. Plus I hope this won't impact AMS2 long term in any way.


Jan 16, 2016
Automobalista 2 is safe, right ?
I have the same question now. I have reasonable hopes for AMS.

But anyway, I think it's good news, both companies have a history of good racing games. Not strictly sim racing, but I wonder what could come out of that joint effort if they decide to that path in a title.
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Dec 10, 2018
Interesting move this, really didn't see it coming. Hopefully we'll see technical input in both directions