Bulkhead CEO Joe Brammer Details Split From Tencent Following Clashes Over "Wardogs" Budget And Corporate Strategy

Bulkhead Interactive CEO Joe Brammer explains why Tencent’s £50 million budget mandate didn't work for the studio and how they regained independence.

By: AXL Media

Published: Mar 26, 2026, 12:18 PM EDT

Source: The information in this article was sourced from GamesIndustry.biz

The Friction Of Excess Capital

Bulkhead’s tenure under Tencent began with promise in 2022, providing the studio with significant financial security. However, this partnership soon became strained due to a fundamental disconnect regarding project scale. While Bulkhead pitched Wardogs with a budget of £10 million to £12 million, Tencent leadership reportedly pushed for a much larger investment. According to CEO Joe Brammer, Tencent’s strategy in the UK at the time was to ignore any project with a budget lower than £50 million. This "bigger is better" mandate led to internal friction, as Bulkhead found itself meeting targets while spending only half of the allocated funds, sparking suspicion from the parent company rather than praise for efficiency.

A Cultural Clash With Corporate Governance

Beyond financial disagreements, the transition into the Tencent ecosystem forced Bulkhead into a corporate structure that Brammer felt was antithetical to the studio’s roots. As a developer that began with three friends "lying" on a form to get an Xbox dev kit, the sudden shift to high-stakes board meetings and corporate oversight led to a crisis of identity. The studio considered closing its doors entirely in late 2025 before opting for a management buyout. Brammer noted that the "corporate journey" helped him grow as a business leader but ultimately proved that Bulkhead was "not getting enough focus or support" as a smaller developer within a massive conglomerate.

Securing Independence Through Strategic Partnerships

To avoid a total shutdown in December 2025, Bulkhead orchestrated a complex spin-out. The studio is now housed under a new holding company, Super Media Group (SMG), with Team17’s parent company Everplay holding a 20% stake. Hiro Capital also maintains a minority share, while nearly 50% of the staff now own stock in the company. This move was characterized by radical transparency; Brammer informed his entire staff of the potential closure 12 months in advance, encouraging them to seek other work if needed. Despite the risk of redundancy, the team remained committed, with no leaks reaching social media until the deal was finalized.