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Xbox Studio Closures: Microsoft Plans More Cost-Cutting Measures After Layoffs - Bloomberg

"Tango was in the process of pitching a Hi-Fi Rush sequel, said the people, who asked not to be identified discussing nonpublic information."

"Matt Booty praised Hi-Fi Rush but did not specify why the company had shut down the development studio behind it"

"Booty added that the shutdown of subsidiary Arkane Austin, the longtime developer of games such as Prey, was not connected to the performance of its new multiplayer game, Redfall"

"Both Tango and Arkane released games last year and were looking to hire additional staff as they pitched new projects, which Booty and Braff suggested was the main factor behind their closures."