LA Noire developer Team Bondi has reportedly sold off its assets and game IP to production company Kennedy Miller Mitchell.
According to a Develop source, Team Bondi employees have been given the option of taking a job at KMM - which is making the animated film Happy Feet 2 and the upcoming Mad Max movie - or accepting severance pay.
KMM is currently headed up by God of War 2 director Cory Barlog, who's said to be working on a Mad Max game to release alongside the new movie. The company hasn't acquired the LA Noire IP as Rockstar, not Team Bondi, owns the rights.
It is unclear if Team Bondi will continue to operate as a studio. The company has chosen not to comment on recent reports surrounding its future, including speculation that it's on the verge of bankruptcy.