Games Workshop and Amazon agree ‘creative guidelines’ on Warhammer TV deal

Games Workshop and Amazon have agreed ‘creative guidelines’ for adapting Warhammer 40,000 into films and television shows.

The two companies entered into an agreement in principle in December 2022 to create films and TV series from Games Workshop’s intellectual property.

A year later, Games Workshop gave Amazon exclusive rights to develop projects set within the Warhammer 40,000 universe, along with associated merchandise rights.

It also gave Amazon the ability to license equivalent rights in the Warhammer Fantasy universe once the first production Warhammer 40,000 is released.

The two groups have agreed on creative guidelines, but Games Workshop warned that TV and film production processes “could take a number of years.”

Superman actor Henry Cavill has reportedly signed on to star and produce an Amazon series based on Warhammer 40,000, having been a fan of the tabletop game since childhood.

Games Workshop’s announcement comes as the Nottingham-based retailer prepares to join the FTSE 100 Index for the first time, following rapid growth over the past decade.

Last month the company said combined core and licensing revenues were expected to be at least £290 million for the six months ended December 1, up from £248.6 million in the same period last year.

It also forecasts a minimum pre-tax profit of £120m, up 25 per cent on the £96m recorded in 2023.

Founded in 1975, Games Workshop’s annual sales have roughly doubled since the Covid-19 pandemic, which prompted people to spend more time playing board games while stuck at home.

In its last financial year, the company achieved a turnover of £525.7 million and pre-tax profits of £203 million, partly due to strong demand for the tenth edition of Warhammer 40k.

Another of the company’s most popular creations is the American football-inspired Blood Bowl, where teams of fantasy creatures such as elves, goblins and orcs compete to score touchdowns.

Games Workshop’s current market capitalization is around £4.6 billion, after the stock rose by more than 2,600 percent over the past decade.

According to data from AJ Bell, the group achieved a return on investment of 2,630 percent in the 2010s, the second highest of any FTSE 250 stock.

Games Workshop shares were 0.4 percent higher at 14,010p on Tuesday morning, taking their gain since the start of the year to around 42 percent.