Hellblade developer Ninja Theory had two potential buyers at one point, but both deals reportedly fell through.
During the latest episode of The Game Business Show, host Christopher Dring mentioned that Xbox had found potential buyers for Hellblade developer Ninja Theory as part of its plans to divest several studios. However, both potential acquisitions ultimately collapsed, leaving the Cambridge-based developer facing possible closure.
“Now, Ninja Theory had two interested parties according to Xbox,” Dring said. He added that he had heard the names of the potential buyers but had been unable to verify them, so he opted not to mention them. He also revealed that he had spoken to two investors who had looked at Ninja Theory as a potential acquisition, but the cost of the studio proved to be a major hurdle. “I know two investors that kicked the tires on Ninja Theory and just sort of investigated and looked into the business and they both told me the cost of the team was very high which was ultimately what deterred them from going further.”
The failed deals leave Ninja Theory in a precarious position. Dring explained that the studio could not be shut down immediately as per UK law. Instead, its employees were being placed into consultation, giving Xbox roughly 6 weeks to find another buyer before it could be closed.
The development team currently has a game in development that could potentially provide a reason for a buyer to take another look at the studio. Dring said one of his contacts at Xbox Game Studios had told him that Senua, Ninja Theory’s current project, was “shaping up very well” and represented “a significant improvement” over Senua’s Saga: Hellblade II.
The aforementioned Senua’s Saga: Hellblade II was released on May 21, 2024, for Xbox Series X|S and Windows PC, and on August 12, 2025, for PlayStation 5.
