What was celebrated as a triumphant moment for Xbox may have actually been a last-ditch effort to save one of its studios. According to a new report, Microsoft had already made plans to close or divest Ninja Theory prior to the studio’s showcase of Senua, the highly anticipated third installment in the acclaimed Hellblade saga, during last Sunday’s Xbox Game Showcase 2026.

While the presentation earned widespread praise from fans for its strong lineup and the promised return of console exclusives, the timing of Ninja Theory’s appearance appears to have had a strategic purpose beyond generating hype.

The move comes amid mounting turbulence for Xbox. A Bloomberg report earlier this week painted a grim picture of internal restructuring under the leadership of general director Asha Sharma, with multiple studios including Compulsion Games, Double Fine, and Ninja Theory reportedly exploring ways to separate from the company to avoid permanent closure.

Double Fine y Ninja Theory cierre estudios

Xbox Used Senua Announcement to Attract Potential Investors

Sources speaking to Stephen Totilo of Game File suggest that Xbox used the showcase announcement to attract potential investors, hoping to secure the resources needed for the studio to continue operating independently outside the Microsoft umbrella. However, Totilo states that it is unknown whether any member of Ninja Theory was involved in this plan.

Ninja Theory was acquired by Microsoft in 2018 during a period of aggressive expansion, alongside other studios such as Undead Labs and Playground Games. That same year, Phil Spencer took the E3 stage to announce the new additions to the Xbox family, as well as the birth of The Initiative, a studio that would ultimately shut down without ever releasing a title.

If Ninja Theory manages to secure its independence, Senua is expected to launch on both Microsoft and Sony consoles, and will also be available on Xbox Game Pass from day one.

So far, neither Microsoft nor Ninja Theory have issued an official response. Double Fine, however, did post on social media though it did little to clarify the situation.

What are your thoughts? Should Ninja Theory break away from Xbox? Share your opinion in the comments below.

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