Embracer just announced that it's shutting down Volition effective immediately.
The announcement made on Linkedin mentions that the decision was taken as part of Embracer's recently announced restructuring program to "maintain its position as a leader on the video game industry."
It also adds that developers are being helped in the transition, albeit we have no details about the extent of said help.
You can read in full below.
The Volition team has proudly created world-class entertainment for fans around the globe for 30 years. We've been driven by a passion for our community and always worked to deliver joy, surprise, and delight.
This past June, Embracer Group announced a restructuring program to strengthen Embracer and maintain its position as a leader in the video game industry. As part of that program, they evaluated strategic and operational goals and made the difficult decision to close Volition effective immediately.
To help our team, we are working to provide job assistance and help smooth the transition for our Volition family members. We thank our customers and fans around the world for all the love and support over the years. You will always be in our hearts.
The studio was founded in 1993 as Parallax Software, and under that brand it worked on Descent and its sequel. It was renamed to Volition three years later and developed plenty of beloved games including the saints Row and Red Faction series, on top of the semi-recent Agent of Mayhem, and more.
Ownership of the studio changed hands multiple times, including THQ, Deep Silver, and recently Embracer, under the umbrella of Gearbox Entertainment.