- IO Interative has regained the rights to its online fantasy role-playing game, fantasy project
- Xbox withdrew funds from the project, ending its partnership with 007 First light study
- IOI will continue to work independently on the project, but a studio will be closed and some workers will be laid off.
Last week, 007 First light and Hitman Developer Io Interactive confirmed that it had ended its relationship with a third-party financial backer for fantasy projectwhich was later revealed to be Xbox (via Bloomberg).
As a result of Xbox’s withdrawal from the deal and amid a major restructuring at Microsoft that has led to thousands of layoffs, IOI has announced that it has regained full ownership of fantasy project and will continue to work on the project independently. However, its Istanbul studio will close and an unconfirmed number of workers will be laid off.
“Dear player community. Following the end of our external funding partnership, fantasy project“IOI has regained full ownership of the project and our intellectual property,” the studio said in a statement on social media.
“We will continue to develop and finance it independently among our other projects. In this context, we have had to find a new balance for the long-term future of the studio, focusing on the success of our main internal titles rather than external projects and possible mobile game spin-offs. This has meant making changes, as well as proposed changes to all of our studios: the closure of our Istanbul studio and the beginning of a process to part ways with colleagues who have been a significant part of what makes IOI what it is.
“Our immediate focus is on supporting those affected as best we can during this period. If you know of any opportunities within your network, we would be really grateful for any support you can offer to any of the talented people at IOI who may be looking for new opportunities.”
IOI concluded: “These are difficult, but necessary decisions to preserve IO Interactive’s long-term future as one of the few fully independent AAA developers and publishers, as well as to give Project Fantasy the best possible foundation to succeed under our own passion and direction. Project Fantasy is a game, a world, and an intellectual property that we are fully committed to, and we can’t wait to share our love with you.”
Yesterday, Xbox CEO Asha Sharma outlined the company’s plan to “reset” and announced that it will cut a total of 3,200 jobs, starting with 1,600.
Additionally, the company also plans to divest four studios, including Compulsion Games and Double Fine Productions, which will become independent again, while Ninja Theory and Undead Labs are looking for new owners.
dishonor Developer Arkane Studios is also “beginning the required consultations with its works council to review possible strategic options,” but due to French labor laws, the process will take longer.
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