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Amidst all the rumours and reports about potential Xbox studio closures, the one that seems to be throwing most people for a loop is Ninja Theory, as the Hellblade developer literally just revealed a new game called Senua at the Xbox Games Showcase on June 7th.
It turns out that plans may have already been underway to "sunset or split with" the studio during the time of the reveal. Stephen Totilo of Game File reports that, according to one of his sources, the idea was to "draw investor interest".
Here's the key part of his latest report:
"Most extraordinary, Ninja Theory even debuted a new game, a third Hellblade title called Senua, at the Xbox Game Showcase 2026 on June 7. By the time that game was revealed, Microsoft had already planned to sunset or split with the studio. The thinking was that the promise of a newly announced game would help draw investor interest in the studio, a source familiar with Microsoft’s plans told Game File (it’s unclear if anyone atop Ninja Theory was involved in this plan)."
Following the conclusion of the showcase, Xbox Strategy Officer Michael Ball discussed Xbox's exclusivity strategy and plans for the future, and curiously stated that he had "no further comment" on why Senua wasn't an exclusive.
Of course, nothing has been confirmed about Ninja Theory's fate at the time of writing, and all these reports and rumours could be somewhat misled. In any case, we'll keep an eye out for an official announcement from Xbox.