New Hellblade Project Was Bait for Potential Ninja Theory Buyers

We recently reported that Xbox Game Studios is apparently looking to shutter or sell off a handful of its in-house game studios, with Ninja Theory, the studio behind the Hellblade/Senua game franchise being one of the impacted studios. With the news of the potential shuttering, there were questions about the Ninja Theory’s new Senua game, which was revealed at an Xbox Showcase less than two weeks ahead of the studio closure rumors.

Ostensibly, the new Senua game was meant to be a sequel to Hellblade 2, but according to a recent report by The Game File, Xbox Game Studios already knew about the split with Ninja Theory ahead of the game’s reveal in early June 2026. The prevailing theory behind the strategy to continue with the unveiling of Senua is that it would attract buyers when it was eventually revealed that Ninja Theory was being sold off, theoretically increasing the value of the company to a potential buyer, thereby allowing Xbox to recoup its investment in the studio, and making a buyout quicker. When reports surfaced about the upcoming closure or sale of Ninja Theory, it was revealed that the studio received word of its fate on Monday, June 15, 2026, and it is unclear if the machinations behind the Senua announcement were Microsoft’s doing or if the leadership at Ninja Theory were also involved.