In some absolutely shock news today, it's been announced that legendary development studio BioWare is closing down after 30 years, and the next entry in the Mass Effect series has been cancelled as a result.

BioWare shared a statement on social media confirming this, also shouting out games like Baldur's Gate, Star Wars: Knights of the Old Republic and Dragon Age as being some of the classic series' they've worked on over the years.

Here's a look at the statement in full:

Mass Effect 5 Cancelled As Legendary Developer BioWare Closes Down 2

There are no details on the reason behind BioWare's closure in this statement, but Bloomberg's Jason Schreier is reporting that it's part of around 400 jobs being removed by parent company Electronic Arts in order to cut costs.

BioWare has obviously played a massive role in the history of Xbox over the past 25 years, and we're extremely saddened to hear they're closing down. Our best wishes go out to those who have been affected by today's news.

What are your favourite BioWare memories? Shout them out down in the comments below.