With Free Radical going into administration earlier this month, it looks like the British studio is up for sale.
According to Kotaku, the studio still exists - but in limited capacity. 75% (around 140) of Free Radical staff have been made redundant; and now the company is up for sale. Fortunately there's interest from third parties wanting a chunk of the brains behind Time Splitters, or lapping up some of the studio's key IPs.
A team of 40 remain - and with these costs cut, it could be likely that a publisher would want to save the company or take up the talented bunch within their own offices.