I kinda doubt that. It might be an exclusive for the next xbox console though. 3 years would probably be the develope time for it and that puts it's release date in 2020. 

MS share holders getting more vocal this time. Xbox has bleed money this it began.

I agree that MS will either let another 1st party do Fable 4 or give it to a 3rd party studio - the franchise is too big to just let it rot -, but the development takes atleast 3-4 years and that's when everything is going really smoothly.

And in my opinion there's a high chance that the franchise will lose it's very own identity/sense of humor/feeling and might devolve into a bog standard fantasy game if the original minds that came up with it all are missing in it's planing/development process.

And how many years would fable 4 take? Next gen would be when it get's made.

Yep which is why closeing down Lionhead, means there wont be a Fable 4 (atleast not for early next gen).

Besides do you really trust another studio to make a decent fable game?

Alot of what made the games unique was the humor those brits had (from what I heard).

Why are many gamers so skeptical when a franchise would move to another studio? I see it as an opportunity to improve a game with new ideas and Fable would be no exception. I'd love to see Fable 4 done by someone else, but I can't see it happening.

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The entire Studios tab seems to have been removed at https://microsoftstudios.com/

About the other studios which got removed:

“On Monday we announced changes to Microsoft Studios including Lionhead and Press Play,” a Microsoft representative told us via email. “As part of these changes, we did a site refresh and removed several logos for older studios and projects that have been consolidated during the past several years into other Microsoft Studios and teams. As games launch and new projects come online, we routinely make these kinds of moves to ensure we have the right development support on the right games.”

http://www.gameinformer.com/b/news/archive/2016/03/08/a-microsoft-studios-website-cleanup-turned-into-unfounded-rumors-of-impending-layoffs.aspx

So I guess some of these studios merged with other studios?

Best case scenario.