Ubisoft Shareholder Protests at Paris HQ, Accuses Company of Hiding Acquisition Talks with Microsoft, EA

A minority shareholder in Ubisoft, Juraj Krúpa, CEO of AJ Investments, is reportedly organizing a protest outside the company's Paris headquarters. The move comes amid accusations that Ubisoft has failed to adequately disclose internal discussions with major players like Microsoft and Electronic Arts—companies allegedly interested in acquiring some of Ubisoft’s most valuable game franchises.

In a statement obtained by IGN, Krúpa criticized Ubisoft’s leadership, calling the company “horribly mismanaged” and demanding a clear recovery strategy from management. He cited declining shareholder value, poor operational execution, and an apparent inability to keep pace with evolving market trends as key concerns.

Krúpa further accused Ubisoft of withholding critical information from investors, including undisclosed details regarding the Assassin’s Creed Mirage DLC collaboration with Saudi-based Savvy Group. He also referenced a confidential report from MergerMarket, which reportedly outlined talks between Microsoft, EA, and other publishers exploring potential acquisitions of Ubisoft’s IP portfolio. According to Krúpa, such developments were not communicated to the public.

IGN has reached out to Ubisoft for comment but has not yet received a response.

Ongoing Struggles and Strategic Uncertainty

This isn't the first time Ubisoft has faced scrutiny. Back in October, Bloomberg reported that the Guillemot family—Ubisoft’s founders—and Tencent were exploring options to take the company private. That came after a string of high-profile project cancellations, underwhelming game launches, and a dramatic drop in stock valuation. At the time, Ubisoft stated it would update the market if and when appropriate.

Over the past several years, Ubisoft has been caught in a prolonged period of instability. The company has dealt with multiple game delays, studio closures, layoffs, and mounting pressure from both players and investors alike. Internal turbulence has only fueled speculation about its long-term viability in the increasingly competitive gaming industry.

Recent reports suggest that while Tencent was once seen as a potential lifeline, its enthusiasm may be waning due to the Guillemot family’s reluctance to relinquish control. Without Tencent’s backing, few financial entities remain with the scale and resources needed to stabilize Ubisoft.

Delays, Revisions, and Shareholder Impact

Krúpa’s statement also highlighted the repeated delays surrounding Assassin’s Creed Shadows, initially slated for release on July 18, 2024, then pushed back to November 15, 2024, before being postponed again to March 20, 2025. Each delay was accompanied by revised financial forecasts, which Krúpa claims had a disproportionately negative impact on retail investors.

He argued that these setbacks caused significant stock declines, harming smaller investors who lack the flexibility of institutional players like Goldman Sachs, Morgan Stanley, and Credit Agricole clients, who could capitalize on distressed share prices.

Call for Transparency and Accountability

Citing a lack of communication from management, AJ Investments is urging fellow shareholders who are dissatisfied with Ubisoft’s performance and leadership to join its planned protest in May. Krúpa emphasized that the demonstration aims to send a strong message: Ubisoft must either commit to meaningful reform or consider alternative strategic paths that better serve investor interests.

“We are aware that Ubisoft’s management and CEO have initiated a financial review of potential strategic options, advised by Goldman Sachs and JP Morgan,” Krúpa stated. “We expect this review to yield results in the coming months. That is why we are organizing this demonstration in May—to ensure they have time to reach a conclusion that genuinely increases shareholder value. If their conclusion effectively enhances shareholder value, we will call off the demonstration.”

AJ Investments has also indicated it may pursue legal action against Ubisoft, alleging misleading investor communications. This latest development follows a strongly worded open letter issued last September, in which Krúpa urged the board—including CEO Yves Guillemot and major shareholder Tencent—to reassess leadership and explore a possible sale following the underwhelming reception of Star Wars Outlaws.

The situation remains fluid as Ubisoft continues to navigate a precarious financial landscape, growing investor frustration, and increasing pressure to define a clearer path forward.

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