Business Wars The Many Deaths of Dungeons & Dragons | A Kingdom Reborn | 2
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Dec 10, 2025 The podcast delves into the dramatic financial collapse of Dungeons & Dragons' publisher TSR, highlighting Lorraine Williams' desperate measures to salvage the game. It discusses Wizards of the Coast's strategic investment to secure TSR and the emotional acquisition by Peter Atkison. The conversation covers the innovative Open Gaming License that revolutionized D&D. Finally, it examines the community backlash following the leaked OGL revision, revealing ongoing challenges and D&D's remarkable resilience.
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Gen Con Showdown
- Lorraine Williams meets Peter Atkison at Gen Con and brusquely rebuffs his offer to buy TSR.
- The meeting underscores TSR's crisis and Williams' unwillingness to sell to a rival even as the company teeters on collapse.
Buyout By Proxy
- Bob Abramowitz signs a letter of intent to buy TSR but lacks funds and enlists Peter Atkison via a $1M loan.
- The maneuver sets up Five Rings as a vehicle so Wizards of the Coast can acquire TSR indirectly.
Acquire Like A Caretaker
- When you acquire a beloved brand, act as a caretaker rather than an optimizer to avoid alienating fans.
- Preserve what fans love, fix what they'll forgive, and avoid removing the brand's soul.
