We built Rapture and Columbia, the Von Braun and The Rickenbacker, the Freedom Fortress and some of the nastiest basements a SWAT team ever set foot into. We created Booker and Elizabeth, the Big Daddy and the Little Sister, MidWives and ManBot. In that time, Irrational has grown larger and more successful than we could have conceived when we began our three-person studio in a living room in Cambridge, MA. Itís been the defining project of my professional life. Now Irrational Games is about to roll out the last DLC for BioShock Infinite and people are understandably asking: Whatís next?
Seventeen years is a long time to do any job, even the best one. And working with the incredible team at Irrational Games is indeed the best job Iíve ever had. While Iím deeply proud of what weíve accomplished together, my passion has turned to making a different kind of game than weíve done before. To meet the challenge ahead, I need to refocus my energy on a smaller team with a flatter structure and a more direct relationship with gamers. In many ways, it will be a return to how we started: a small team making games for the core gaming audience.
I am winding down Irrational Games as you know it. Iíll be starting a smaller, more entrepreneurial endeavor at Take-Two. That is going to mean parting ways with all but about fifteen members of the Irrational team. Thereís no great way to lay people off, and our first concern is to make sure that the people who are leaving have as much support as we can give them during this transition.
Source-HARDOCP - BioShock Developer Irrational Games Closing
If you owned this business and you wanted to start something new wouldn't just sell the studio to another company instead of laying everyone off? It may be about IP and he doesnt want anyone else to own what he created. Strange way to handle it all IMHO.