Square Enix has announced the launch of Balan Company, a new action game brand that unites Square Enix’s internal and external action game development, video, and music production professionals.

The “Company” in Balan Company refers to the cast and staff members of a troupe or musical. The professionals from various fields related to Balan Company make up the “Company,” and through the “stage” of a video game, will deliver “the ultimate story” and “ultimate action game experience” to players worldwide.

Pretty sure Babylon's Fall will be leading this brand, Other than that excited to see what they do with this.... if anything.

Tomorrow is gonna be one fun day

Ok.

Completely forgot Babylon's Fall existed , but isn't that game being made by Platinum Games?

Sure, but like OP said this is encompassing "internal and external" action games, reasonably including publishing partnership on Babylon's Fall.
It's kind of a weird announcement because who care's if it's not a new studio or even reorganization of studio,
it's just putting their action game business in separately managed holding company with new "brand".
Could potentially facilitate a sale of this new unit, but I don't see specific indication of that intention at all.