IO Interactive closes Istanbul studio – Xbox cuts

IO Interactive, the studio behind the Hitman series and the upcoming 007: First Light, has announced the closure of its Istanbul studio and will part ways with an unspecified number of staff. The cuts follow the end of an external funding partnership—widely understood to be with Xbox—that had supported the development of the studio’s unannounced online fantasy RPG, codenamed Project Dragon or Project Fantasy. The game had been in development for several years under a co-financing arrangement that Microsoft has now terminated as part of a broader restructuring of its gaming division.

In a statement posted to social media, IO Interactive confirmed that it has regained full ownership of the project and its intellectual property. The studio intends to continue developing and funding the RPG independently while shifting its long-term focus toward internally financed AAA titles. “This has meant making changes as well as proposed changes across our studios: the closure of our Istanbul studio and starting a process to part ways with colleagues,” the statement read. IO explicitly moved away from pursuing external projects and potential mobile derivatives, describing the decisions as necessary to retain its independence as a developer and publisher. The studio pledged to support affected employees and asked the wider gaming community and industry to help identify opportunities for those impacted.

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