Tango Gameworks lives on.

Microsoft has come to an agreement with Krafton Inc. (PUBG creators) to buy the studio.

Krafton Inc. will also own Hi Fi Rush however the other IPs like Evil Within stay at Xbox.

https://www.windowscentral.com/gaming/xbox/former-xbox-studio-tango-gameworks-and-hi-fi-rush-has-been-acquired-by-pubgs-krafton-inc-saving-it-from-closure 

Good for the people working at the studio (however many of them still remain there) but too bad about The Evil Within. The chance for a new game with MS isn't exactly high, much less an multiplatform release which is what I'd need since I don't own and Xbox.

No need to worry about that anymore.

Tango isn't capable of creating a new Evil Within game, especially since the creator left. It will require a high budget and decent writers. It has more of a chance of a sequel under a brand with studios and cash at its disposal.

Expect more smaller type of IPs like HiFi Rush 2.

Also it's a high chance MS will release it multiplatform due to the series already lack luster sales. It won't benefit the IP being exclusive.

Yay. This makes me happy. I wonder how often studios are put up for sale before they are closed?

I know that MS is dipping their toes into multiplatform releases but I won't take any future game from theirs as multi for granted until it's announced as such.

I just don't see MS caring about the TEW brand whatsoever. I hope I'm wrong though.

Depends if their is value and interest in the market.

The way I see it, if they didn't care, they would have let it go. They are holding onto it for reasons.

Cool. Sony messed up here by not doing the same. They could have made a game that'd feel right at home among PS exclusives.