In a significant development in the gaming industry, former employees of Annapurna Interactive have formed a new company to take over the games portfolio of Private Division, Take-Two Interactive's former indie label. According to Bloomberg, the new company, whose name has not been disclosed, will oversee Private Division's existing and in-development titles, including the highly anticipated Lord of the Rings-meets-Animal Crossing game Tales of the Shire and Pokémon developer Game Freak's forthcoming game codenamed Project Bloom.

This move comes after Take-Two Interactive sold off Private Division to Haveli Investments, a private equity firm based in Texas, last year. The sale sparked concerns about the fate of Private Division's games portfolio, which includes several high-profile titles. The formation of the new company, comprising former Annapurna Interactive employees, brings a sense of stability to the situation, albeit with some uncertainty for Private Division's existing employees.

As part of the transition, Private Division's remaining employees will face layoffs, although the details of the layoffs are currently unclear. This news may come as a blow to the affected employees, who have been working on the development of these games. The new company, however, is expected to continue working on the existing projects, ensuring that the games are completed and released as planned.

The formation of the new company is also a result of the mass resignation of Annapurna Interactive's staff last year. The resignations came after negotiations to spin off Annapurna Interactive into its own independent company broke down. The former employees have now come together with Haveli Investments to form a new company, which will focus on developing and publishing indie games.

The takeover of Private Division's games portfolio is a significant development in the gaming industry, particularly given the high profile of the titles involved. Tales of the Shire, a Lord of the Rings-meets-Animal Crossing game, is scheduled for release in March, while Project Bloom, a game from Pokémon developer Game Freak, is highly anticipated by gamers. The new company's ability to deliver these games successfully will be closely watched by the gaming community.

The move also highlights the ongoing trend of consolidation and restructuring in the gaming industry. As the industry continues to evolve, companies are looking for ways to optimize their portfolios and focus on their core strengths. The formation of the new company and the takeover of Private Division's games portfolio are a testament to this trend.

In conclusion, the formation of the new company and the takeover of Private Division's games portfolio mark a significant development in the gaming industry. While the layoffs at Private Division are unfortunate, the new company's focus on indie games and its takeover of high-profile titles are likely to be welcomed by gamers. As the industry continues to evolve, it will be interesting to see how this new company shapes the gaming landscape.