With more than 1 million copies sold at launch, Wardogs is positioned alongside the top releases of 2026. However, behind it lies a lengthy corporate history that is arguably more intriguing than the game itself. Today, we will trace the 12-year journey of the English studio Bulkhead, including mass layoffs, the threat of closure, a risky MBO, and analyze the components of their new project's success.
The article will cover:
- the corporate history of Bulkhead: founding, early projects, Kickstarter, acquisition by Tencent, mass layoffs;
- how Bulkhead's management saved the studio through a buyout: deal structure and key participants;
- what is known about Wardogs' budget and details about the studio's partnership with Team17;
- the value of Bulkhead's technical expertise, in-house tools for Unreal;
- Wardogs' path to release through playtesting and wishlist building;
- what the initial metrics say about Wardogs post-release in early access and how the game might influence Bulkhead’s business and development strategy.
The Corporate History of Bulkhead: From a Six-Person Indie Team to AAA Ambitions and Independence from Tencent via MBO
- Bulkhead's story dates back to 2014, when two indie teams, Deco Digital and Bevel Studios, collaborated on the first-person puzzle game Pneuma: Breath of Life.
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