Every stormcloud has a silver lining. Today’s stormcloud was a report from Jason Schreier over a Bloomberg which confirmed Onoma–formerly Square Enix Montreal–was shutting down. This came as a total surprise to Onoma's employees who just rebranded the studio three weeks ago.
The silver lining is that some of Onoma’s employees are being transferred to Eidos Montreal, which according to Schreier is hard at work on a new Deus Ex game.
In follow-up tweets to his initial report, Schreier confirmed the Stranger Things-inspired “kids on bikes” game was being canceled while Eidos recommits to a new Deus Ex game. That game is still in "very very early" development, so there's not much else to say about it. Eidos is also reportedly working on a new IP that was "recently rescoped" and is co-developing games with Xbox, including the upcoming Fable 4.
Eidos only recently regained control of the Deus Ex intellectual property. When Square Enix sold Eidos to Embracer Group in May there was some question as to the ownership of the franchises, which are often just as valuable as the studios that produced them. In September, Crystal Dynamics and Eidos proudly announced they officially owned the Tomb Raider and Deus Ex franchises, respectively, paving the way to more games from these beloved series.
As for what this new Deus Ex game could be, we have precious few clues. Industry Insider Jeff Grubb said that Eidos wanted "to do what Cyberpunk 2077 couldn't" back in August, but such a conversation was impossible under the auspices of Square Enix. Embracer, conversely, said that it saw "great potential" in sequels, remakes, remasters, and spinoffs from all its recently-acquired IPs, including Deus Ex.
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