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So what's the big deal?

Irrational games has been owned by Take-Two Interactive since 2006.

Levine and 15 others are starting a new studio also owned by Take-Two.

This is merely the normal downsizing of a studio after shipping a big game.

Irrational has released only 2 Bioshock games in the 8 years they have been owned by Take-Two.

Now that they are going to start a new IP they are starting a new studio to get that whole "fresh start" feeling.