Copy and pasted from NeoGaf:

Gears of War's new home, Black Tusk Studios, may come as a surprise to Xbox fans who watched Microsoft's press conference from E3 2013. It was there where Spencer teased a new project from Black Tusk, a sleek, stealthy action game with no name.

"The thing we showed at E3 last year, it was something that was done in Unreal and more of a concept piece," Spencer said, calling it "an asset" created by the team to get their creative juices flowing, not necessarily an in-development game.

"The studio has really been incubating different ideas over the past six to nine months on what they might work on," he said, "but the discussion with Epic obviously didn't start yesterday. We've been in this discussion for a while. The leadership team there has known for a while."

http://www.polygon.com/2014/1/27/5345342/gears-of-war-xbox-one-microsoft-epic-games-rod-fergusson

Now this is interesting:

but cboat said the animation and sound was amazing.

http://www.neogaf.com/forum/showpost.php?p=98641736&postcount=4

so what does that mean,.. BT's first game will be gears and not a new IP as they implied previously?

Seems like they dropped/delayed the game.

They clearly presented at E3 a new game, new IP...

Now they will work with Gears of Wars.

From GAF too.

Hugely disappointing. Im excited for a new Gears but this was MS chance for a new huge exclusive IP.

Unless they outright buy Respawn / Titanfall I don't think they have a single studio capable of building "the next Halo" as every one of their big studios is tied up.

343 - Halo
Lionhead - Fable
Rare - Kinect
Turn 10 - Forza
Black Tusk - Gears of War.

Those are some amazing IPs but......no new IP.

Acquiring the Gears of War intellectual property was a good move for Microsoft, but it will be a bit disappointing if Black Tusk Studios is not actually working on a new IP.

Seems like the new IP was not dropped... just delayed.

HannoLemke: @Steverulez today we're focused on the exciting news about Gears, you'll have to stay tuned for more details on what we're working on...

They can still be working on a new ip chances are its a multi team studio my guess is there true game will ge announced at e3 this year for a next year release and the next gears may be at next years e3 or the one after that.

3 of those studios have a game in development that isn't tied to those franchises you listend.

Lionhead announced they are working on a non Fable game.

Rare is working on something other than a Kinect game.

Black Tusk does have another game.