The dream of a Montreal-based AAA open-world studio has quietly vanished after just five years. TiMi Studios, a joint venture between Tencent and local talent, has been shuttered without ever delivering a game, leaving developers stunned and industry observers questioning the future of high-profile gaming ventures.
The closure was confirmed through an internal LinkedIn post—since deleted—that revealed staff had known for months the studio’s fate was sealed. Sources close to the team described the news as devastating, emphasizing that the public would never experience what the studio was capable of creating.
Founded with the ambition to develop a multi-platform, service-focused open-world game, TiMi Studios was led by Ashraf Ismail, the former head of Ubisoft’s Assassin’s Creed franchise. His departure from Ubisoft in 2023, following misconduct allegations, marked a turbulent start for the venture. Despite the high-profile leadership and Tencent’s backing, the studio failed to materialize a single title before its abrupt shutdown.
This isn’t an isolated incident in 2026. The year has already seen multiple high-profile studio closures, including PlayStation’s Bluepoint Games, Ubisoft’s Halifax Studio, and Hasbro’s Atomic Arcade team. Each case raises questions about the sustainability of long-term game development in an industry increasingly dominated by consolidation and shifting priorities.
- The studio was founded in 2021 with plans for a AAA open-world, multi-platform game but never released anything.
- Employees were reportedly aware of the closure for months before it was officially confirmed.
- TiMi Studios was led by Ashraf Ismail, former head of Assassin’s Creed, who left Ubisoft amid controversy.
- This follows a string of studio closures in 2026, including Bluepoint, Ubisoft Halifax, and Hasbro’s Atomic Arcade.
- Tencent has not commented on the shutdown or the studio’s unreleased project.
The closure of TiMi Studios adds to a growing trend of studios being dissolved before their projects see the light of day. For developers, it’s a stark reminder of how quickly even well-funded ambitions can unravel in the competitive gaming landscape.
