Ninja Theory was sold, not closed. Microsoft divested the Cambridge studio on 6 July 2026 as part of a reset that cut 3,200 Xbox roles, and the 85-person team is still building Senua for a 2027 release. The buyer has not been named.
Was Ninja Theory Shut Down?
No. The studio was divested to a new owner rather than closed, although for three weeks in mid-2026 closure looked like the likelier outcome.
Staff were told on Monday 15 June 2026 that the studio faced closure. The Verge reported it first, and coverage that day framed it as a shutdown of the Hellblade developer.
That framing stuck. Headlines from June still describe Ninja Theory as closing or already shut down, which is why the record looks contradictory today. The outcome announced three weeks later was a sale.
What Xbox Announced on 6 July 2026
Microsoft cut about 3,200 Xbox roles and separated from four game studios on 6 July 2026, returning two of them to independence and selling the other two.
Roughly 1,600 of those cuts took effect immediately, with the rest to follow across the financial year. The four studios did not get the same deal.
| Studio | Outcome announced 6 July 2026 |
|---|---|
| Double Fine | Returned to independence, keeping its full IP catalogue |
| Compulsion Games | Returned to independence, keeping its full IP catalogue |
| Ninja Theory | Entered terms to join new ownership, with funding to finish Senua |
| Undead Labs | Entered terms to join new ownership, with funding to finish State of Decay 3 |
Arkane Lyon sat outside that group. The French studio entered a works council consultation to review what Microsoft described as potential strategic options, and its future was unresolved when the announcement was made.
Xbox leadership had signalled the direction in advance, telling staff the company had over-extended its studio system and needed a reset. Other mid-sized developers have fared worse this year: Spiders Studio, the French maker of GreedFall, was liquidated in April 2026.
Who Owns Ninja Theory Now?
That has not been made public. Microsoft said Ninja Theory had entered terms to join new ownership but did not name the buyer, and no owner has been announced since.
The same secrecy applied to Undead Labs. Both arrangements were described as agreed terms rather than completed transactions, so the studios were being separated from Xbox rather than already handed over.
Ninja Theory continues to operate in Cambridge. What changed on 6 July was that it stopped being an Xbox first-party studio after eight years.
Is Senua Still Coming Out?
Yes. Senua remains scheduled for 2027, and the funding attached to the sale was specifically intended to let Ninja Theory finish it.
Xbox announced the game on 7 June 2026 at the Xbox Games Showcase for Xbox Series X|S, Xbox on PC, cloud, Steam and PlayStation 5, with day-one Game Pass access. Studio head Dom Matthews described it as an action-adventure set after Hellblade and Hellblade II, in what he called Senua’s vision of purgatory.
Work started in September 2024, after Senua’s Saga: Hellblade II shipped that May. All 85 staff are on the one project, which Matthews said was the first time in twelve years the whole studio had worked on a single game.
One detail is genuinely unsettled: who publishes it. Some reporting after the divestment said Senua would still arrive under Xbox Game Studios, while other reporting said it would not release under the Xbox banner as earlier Ninja Theory games did. Neither Microsoft nor the studio has clarified which is right.
Why Was Senua Revealed Days Before the Closure Reports?
According to reporting by Game File journalist Stephen Totilo, Microsoft had already decided to sunset or separate from Ninja Theory before the trailer aired, and showed the game to draw investor interest in the studio.
Windows Central reported the same account from its own sources. The gap was eight days: the reveal on 7 June, the closure warning to staff on 15 June.
This remains reporting rather than confirmation. Microsoft and Ninja Theory have not commented on the claim.
Where Things Stand as of 10 September 2026
As of 10 September 2026, Ninja Theory is no longer owned by Microsoft, its new owner has not been publicly identified, and Senua is still listed for 2027.
There has been no verified public update on the buyer’s identity since the announcement on 6 July 2026. A June headline saying the studio was shut down describes a story that was overtaken by events three weeks later.
Ninja Theory in Brief
Ninja Theory is a British video game developer based on Newmarket Road in Cambridge, England, best known for the Hellblade series.
- Founded: 2000, as Just Add Monsters, renamed Ninja Theory in 2004.
- Bought by Microsoft: 2018, joining what is now Xbox Game Studios.
- Key games: Heavenly Sword (2007), Enslaved: Odyssey to the West (2010), DmC: Devil May Cry (2013), Hellblade: Senua’s Sacrifice (2017) and Senua’s Saga: Hellblade II (2024).
- Studio head: Dom Matthews, as of the June 2026 Senua announcement.
- Co-founder departure: Tameem Antoniades, who wrote Hellblade: Senua’s Sacrifice, had left by April 2024, when Xbox confirmed his exit without giving a reason.
Frequently Asked Questions
Is Ninja Theory Still Making Games?
Yes. The studio is still operating and still developing Senua, with funding provided as part of its separation from Microsoft.
Who Bought Ninja Theory?
The buyer has not been publicly named. Microsoft confirmed on 6 July 2026 that terms had been entered with a new owner but did not identify it.
Does Ninja Theory Still Own the Hellblade Rights?
That has not been publicly confirmed. Microsoft said Double Fine and Compulsion Games kept their full IP catalogues, but made no equivalent statement about Hellblade, and neither company has clarified the position.
How Big Is Ninja Theory?
About 85 people, according to the studio in June 2026, all of them working on Senua.
What Was Ninja Theory’s Last Released Game?
Senua’s Saga: Hellblade II, released in May 2024.
