Everplay Group has raised its stake in Super Media Group to 28%, paying £2 million ($2.68 million) for an additional 8% of the company that houses Wardogs developer Bulkhead — the same price it paid in December 2025 for an initial 20% share.

The December transaction included an option to buy further equity, and Everplay has now exercised it. The pricing detail is notable: the new 8% purchase cost exactly what the original 20% did a year ago, meaning Everplay has paid roughly four times more per percentage point this time around to increase its exposure.

Everplay described the Super Media Group deal as a "very attractive investment." The company has not said whether it intends to acquire additional shares going forward.

Why is Everplay doubling down?

The answer is Wardogs. Everplay said in its financial report that initial sales of the military sandbox have significantly exceeded internal expectations, prompting the equity move.

The numbers behind that claim:

• Wardogs sold more than 1.25 million copies on its early access launch day alone.
• Total sales have since reached 2 million.
• The game comes from Bulkhead, a studio founded a year ago by its own leadership, with Super Media Group as its nominal owner.

For a new studio's debut title, day-one sales above 1.25 million units put Wardogs in rare territory for an early access release and explain why Everplay moved quickly to convert its option rather than wait.

What changes for the studios involved?

The structure matters here. Everplay — formerly known as Team17 Group before its rebrand — is not buying Bulkhead outright. It is taking incremental positions in Super Media Group, the holding entity set up by Bulkhead's founders, which preserves the studio's operational independence while giving Everplay a growing claim on Wardogs' revenue.

For Everplay, the 28% position converts a publishing-style bet into a minority ownership stake in a proven performer, at a moment when the game's sales trajectory is already validated. The £4 million ($5.36 million) total outlay for its current stake now sits against a product that cleared 2 million copies sold.

For Bulkhead, the arrangement supplies capital and an aligned strategic partner without a full acquisition. The unanswered question is consolidation: Everplay has not clarified whether further purchases are planned, and its existing track record — two stake increases within roughly a year — suggests the option framework leaves room for more.

The name change from Team17 Group to Everplay also frames the deal: the rebranded group is using structured minority investments like this one as part of its portfolio strategy rather than relying solely on internal development and publishing.

What happens next?

Watch for any signal on whether Everplay exercises further equity rights in Super Media Group, and whether Wardogs' sales momentum holds as the game moves deeper into its early access cycle — both will shape the price of any future stake increase.