Codemasters has bought Slightly Mad Studios.

Project Cars 2

Project Cars 2

The buyout means the developer's 'Project Cars' franchise will be added to a racing series portfolio already featuring 'Dirt, 'Grid' and the 'F1' games, with future entries being published under the new owners while the studio maintains the rights to the series.

Two companies will also be collaborating an "unannounced Hollywood blockbuster title".

Frank Sagnier, Chief Executive Officer at Codemasters, said: "We are delighted to bring such an incredible racing game developer to the Codemasters family, and this unequivocally establishes us as a global powerhouse in the development of racing titles.

"We share the same passion and vision and our new partnership will accelerate our growth. With more streaming services coming to market and the next generation of games consoles due in 2020, this is the perfect time for Codemasters to take its next step."

Meanwhile, Ian Bell - who remains founder and Chief Executive at Slightly Mad Studios - added: "Our combined racing games portfolio is the envy of the industry and this new partnership will enable us to learn from each other, share resources and take advantage of emerging platforms and technology.

"My team is excited to be joining Codemasters and we can't wait to forge a relationship based on creativity, passion and the desire to create new racing experiences that excite and delight our communities."

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