The Initiative, the Xbox studio developing a modern reimagining of Perfect Dark, is being shut down, and development of the game is ending. As first reported by Windows Central, the studio's closure is part of major cuts Microsoft is making across its business,

Microsoft is scrapping two upcoming video games, a reboot of “Perfect Dark” and the fantasy title “Everwild,” in addition to ending development on several unannounced projects. These decisions are the resulting impacts of a sweeping round of layoffs totaling more than 9,

Microsoft's layoffs have had a devastating effect on Xbox, Bethesda, and Activision Blizzard — here's everything we know so far, including project cancellations and more