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Microsoft have made a shock announcement that Lionhead Studios, developers of the Fable series and the upcoming Fable Legends, will be closed.

Not only that, but with the studio closed, development will officially be ceased on Fable Legends, and the game cancelled outright.

Hanno Lemke, General Manager of Microsoft Studios Europe, confirmed the news in a blog post that is sure to absolutely rock the industry. With that said, the somewhat lukewarm reception of Fable Legends and the closed beta may have had something to do with the move. Lemke said

"These changes are taking effect as Microsoft Studios continues to focus its investment and development on the games and franchises that fans find most exciting and want to play."

For the affected staff, Lemke has said that the company will work hard to find the team new jobs at Microsoft, or assist them in finding placements elsewhere in the games industry.

For now though, it's so long Lionhead Studios, and thanks for all the chicken kicking. Our thoughts are with those affected today, and we hope that you all find new positions as soon as possible.

[source news.xbox.com]