Update: A Microsoft spokesperson has shared an official statement, reiterating how thre is "no impact" to the existing catalog of Tango games (via Windows Central):
"We’re working with Krafton to enable the team at Tango Gameworks to continue to build games together and we look forward to playing their next great game. There will be no impact to the existing catalog of Tango games."
Earlier this year in May, Xbox announced the closure of four studios including the Japanese developer Tango Gameworks. Now, in a new update, the Hi-Fi RUSH studio is being resurrected by the South Korean publisher Krafton.
Yes, you've read that correctly - Krafton has today "welcomed the talented people of Tango Gameworks" to its team, further expanding its global presence (thanks, Automaton). Most notably, this will include the rights to the developer's most recent award-winning hit which arrived on Game Pass in January last year.
As part of this, Krafton will "collaborate with Xbox and ZeniMax to ensure a smooth transition and maintain continuity at Tango Gameworks, allowing the talented team to continue developing the Hi-Fi RUSH IP and explore future projects."
There will be "no impact" on Tango's existing game catalog including The Evil Within, The Evil Within 2, Ghostwire: Tokyo and Hi-Fi RUSH, and these titles will remain available everywhere.
Tango Gameworks was originally founded by Shinji Mikami in 2010 and was acquired by Xbox in 2021. Mikami departed in February 2023 and the studio closed its doors in June of this year. Krafton has published games like Tera, PUBG: Battlegrounds and The Callisto Protocol.