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Ninja Theory faces closure after two sale deals collapse

Summary
Two separate agreements to sell Ninja Theory collapsed, Xbox content chief Matt Booty confirmed September 22.
"Unfortunately, two separate agreements for Ninja Theory fell through"
— Matt Booty, Xbox chief content officer.
The collapse contradicts CEO Asha Sharma's July claim that Ninja Theory had entered terms with funded new ownership.
No buyer, deal value or collapse reason was disclosed before the UK consultation period began.
01

Two funded buyers withdrew within two months of agreed terms

Sharma said in July that Ninja Theory had entered terms to join new ownership with funding.
Booty's September update confirms at least two distinct buyers withdrew within roughly two months.
Neither executive disclosed a purchase price, buyer identity or deal structure.
The shift from funded terms to two failed closings points to a financing or diligence failure.
02

UK law opens a minimum 30-day consultation before closure

Booty's "proposed closure" phrasing reflects UK redundancy law's 30-day consultation requirement.
During that window, staff representatives can legally push measures to avoid job losses.
The September 22 announcement opens a process rather than confirms an outcome.
A Hellblade third entry slated for 2027 has no confirmed developer while the proposal stays open.
03

Microsoft favors internal consolidation over external divestment

The closure would cut at least 268 roles atop 1,600 Microsoft gaming layoffs in July.
Activision now develops the next Halo; Playground Games merged with Turn 10; Obsidian sits under Bethesda.
Two failed sales for a studio with a 2024 AAA release show thin appetite for standalone prestige studios.
Microsoft is folding peers into existing structures rather than divesting them.

What this means

For Investors & VC: Funded terms collapsing twice signals valuation gaps on mid-size prestige studio assets.
For Publishers & Developers: A standalone AA/AAA studio with an established IP found no closable buyer - reassess exit assumptions.
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