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Update []:
Bloomberg's Jason Schreier has chimed in to report that "multiple paths" are being explored to save Arkane, and that he'd personally be surprised if the studio got shut down.
Original Story: Back in July, Xbox announced that it was cutting 3,200 jobs and parting ways with four studios in Compulsion Games, Ninja Theory, Double Fine and Undead Labs. However, it was also mentioned at the time that Arkane Studios was reviewing "potential strategic options" ahead of potentially leaving Xbox's ownership as well.
Then, in September, it was mentioned that "consultation with Arkane remains underway and is expected to continue through the end of the year", although a new report from French outlet Le Monde suggests the situation is severe.
Their piece mentions there's a November 13th deadline for the consultation process that involves a potential closure of the studio, although a Microsoft representive told the outlet that "different options" are still being explored. French law apparently requires that Microsoft tries to find a buyer for at least three months, and that process began in the summer.
Here's what the Microsoft representative said, although keep in mind the report has been translated from French:
"We continue to explore different options for Arkane as part of the ongoing French consultation procedure. We keep the social and economic committee as well as the employees informed, and are actively looking for a partner to support the next phase of development and enable the commercialization of the project."
The mention of a "project" seemingly refers to Marvel's Blade, which has been in development for years at Arkane Studios and is reportedly nearing the end of production according to Le Monde.
It should be noted that although the November 13th deadline is quoted here, there's also a suggestion that any dealings related to a potential closure could extend into the first quarter of 2027, so it might be a while until we get more details.
Ultimately, both Arkane Studios and Ninja Theory are the two Xbox studios that remain at risk of potential closure from the announcement that was made back in July, but there's still a chance that Microsoft and the studios themselves could find a way to them keep going. Fingers crossed a suitable buyer decides to step in ASAP.