"They wouldn't look at any game that was less than £50 million" Why Tencent's all-in strategy didn't suit Bulkhead

Bulkhead Interactive CEO Joe Brammer recounts the studio's journey from indie roots through Square Enix and Tencent ownership to independence. Under Tencent via Splash Damage, Bulkhead found itself pressured to scale beyond its means — Tencent wanted games with £50M+ budgets, while Bulkhead's FPS Wardogs was budgeted at £10-12M. The mismatch led to friction, with Tencent suspicious of the studio spending only half its allocated budget. Facing closure in late 2024, Brammer took the unusual step of telling all staff immediately, resulting in high morale and loyalty. The studio ultimately spun out under a new holding company, Super Media Group, backed by Team17's parent Everplay and Hiro Capital, with nearly 50% of staff owning equity. Now independent, Bulkhead is redefining success as sustaining a modest player base rather than chasing blockbuster numbers, with Wardogs heading to Early Access in 2026.