Xbox Aims to Finalize Acquisition of Ninja Theory Following Unsuccessful Negotiations

A new installment in the Hellblade series, simply titled Senua, was unveiled during the summer Xbox gaming showcase. However, just three months later, the studio behind it, Ninja Theory, is facing potential closure after unsuccessful attempts to find a buyer.

“Unfortunately, two separate agreements for Ninja Theory fell through,” stated Microsoft’s chief content officer in a blog post on September 22. “We will now begin consultation with employees on a proposed closure while continuing to explore other paths forward.”

Ninja Theory is one of four smaller Xbox Game Studios teams that Microsoft has spun out this year as part of a significant restructuring driven by layoffs within its gaming division. While Double Fine, Compulsion Games, and Undead Labs have all been sold back to their management teams, Ninja Theory’s future remains uncertain. Arkane, which was developing a Marvel Blade game, is also at risk of closure. “Consultation with Arkane remains underway and is expected to continue through the end of the year,” the chief content officer confirmed in the announcement.

Founded in 2000, Ninja Theory has a rich 26-year history that includes titles like Heavenly Sword and Enslaved: Odyssey to the West, as well as the DmC: Devil May Cry spin-off for Capcom’s action series. In 2017, the studio released the first Hellblade game, a cinematic experience that blended Norse mythology, Celtic culture, and psychological horror.

Many fans were puzzled as to why Xbox would promote a new game in the Hellblade franchise during its summer showcase, only to later announce the potential closure of the studio. A source indicated that the intention was to boost the brand’s visibility while searching for a potential buyer for Ninja Theory.