- IO Interactive has regained the rights to their online fantasy RPG, Project Fantasy
- Xbox pulled funding from the project and ended its partnership with 007 First light study
- IOI will continue to work independently on the project, but one studio will be closed and some employees will be made redundant
Last week, 007 First light and Hitman developer Io Interactive confirmed that it had ended its relationship with an external financial backer for Project Fantasywhich was later revealed to be Xbox (via Bloomberg).
As a result of Xbox pulling out of the deal and amid a major restructuring at Microsoft that has seen thousands of layoffs, IOI has announced that it has regained full ownership of Project Fantasy and will independently continue work on the project. However, its studio in Istanbul will be closed and an unconfirmed number of workers will be laid off.
“Dear gaming community. After the end of our external finance partnership on Project FantasyIOI has regained full ownership of the project and our IP,” the studio said in a statement on social media.
“We will continue to develop and finance it independently among our other projects. With this context, we had to find a new balance for the long-term future of the studio, focused on the success of our most important internal core titles instead of external projects and potential mobile game derivatives. This has meant making changes as well as proposed changes across our studios: the closure of our studio in Istanbul, which makes a process to part with a colleague and which has been a process to part with each other.IOI what it is.
“Our immediate focus is on supporting those affected as best we can through this period. If you are aware of any opportunities within your network, we would be truly grateful for any support you can offer to any of the talented people across IOI who may be looking for new opportunities.”
IOI concluded: “These are difficult but necessary decisions, to maintain the long-term future of IO Interactive as one of the very 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 leadership. Project Fantasy is a game, a world and an IP that you must not wait for, and we must love.”
Yesterday, Xbox CEO Asha Sharma outlined the company’s plan to “reset,” announcing that it will cut a total of 3,200 jobs, starting with 1,600.
In addition, the company also plans to drop four studios, including Compulsion Games and Double Fine Productions, which are going independent again, while Ninja Theory and Undead Labs look for new ownership.
Dishonored developer Arkane Studios is “also beginning required consultation with its works council to review potential strategic options,” but due to French labor laws, the process will take longer.
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