Layoffs Hit ‘BioShock' Development Team Amid Delays; Rod Fergusson Named New Head of 2K Studio Cloud Chamber
2K, a subsidiary of video game publishing giant Take-Two Interactive, has tapped Rod Fergusson as the new leader for the developer and its 'BioShock' franchise, Variety has confirmed. Most recently, Fergusson was general manager of the 'Diablo' franchise at Microsoft's Blizzard, where he launched 'Diablo IV.'
More from Variety
NBA, Take-Two Form New Media Company to 'Celebrate' Basketball, Extend Long-Standing Games Pact
2K Motion Capture Studio Workers File for Unionization
'Bioshock' Film Adaptation Still in the Works With Scaled Down Budget; It's a 'More Personal' Movie, Says Producer Roy Lee
Fergusson takes over the studio following the ousting of Kelley Gilmore, which as Bloomberg's Jason Schreier reported earlier this month, came amid internal complaints regarding the narrative direction of the upcoming 'BioShock' game. As Gilmore was removed from the top posiiton at Cloud Chamber, 2K also moved the game's creative director, Hogarth de la Plante, into a publishing role.
In an internal memo, which was provided to Variety by 2K on Tuesday, 2K Games president David Ismailer announced the pending layoffs to staffers: 'Work on the next BioShock game has been underway for several years. While we're excited about the foundational gameplay elements of the project, we've made the decision with studio leadership to rework certain aspects that are core to a BioShock game, and in doing so are reducing the size of the development team to focus on this work and give the game more time in development.'
Representatives for 2K declined to comment on how many roles are being impacted in the layoffs.
'As Head of the BioShock Franchise, Rod will lead Cloud Chamber and oversee the development of the next BioShock game, as well as franchise extensions including our film partnership with Netflix,' Ismailer wrote. 'We will share more about Rod's onboarding and how these changes will take shape in the coming days and weeks. Rod and I worked together 10+ years ago and I am grateful he has chosen to return to lead our BioShock efforts.'
The third and most recent 'BioShock' game, 'BioShock Infinite,' was released in 2013 and made by developer Irrational Games. 'BioShock 4' has been in the works at 2K's Cloud Chamber for more than a decade.
Read the memo to staff from Ismailer in full below.
Team –
BioShock is woven deeply into the fabric of 2K. It's one of our most beloved franchises and respecting its legacy and meeting our fans' expectations is critical to its future success.
Work on the next BioShock game has been underway for several years. While we're excited about the foundational gameplay elements of the project, we've made the decision with studio leadership to rework certain aspects that are core to a BioShock game, and in doing so are reducing the size of the development team to focus on this work and give the game more time in development.
I know this is tough news for everyone. If your role is being affected, you'll hear from your manager or studio leadership today with details on severance, career services and support resources. There is no easy way to do this, but we hope to do whatever we can to support you through this. I want to thank each of you for your dedication and hard work.
I also want to share an important studio leadership update. After an extensive search, I'm excited to announce Rod Fergusson will be leading Cloud Chamber as the new Head of the BioShock Franchise. Rod is an industry veteran with a proven history of critical and commercial success, including BioShock Infinite, Gears of War, and Diablo. Rod rejoins us from Blizzard, where he was GM of the Diablo franchise and launched Diablo IV – Blizzard's fastest-selling game ever.
As Head of the BioShock Franchise, Rod will lead Cloud Chamber and oversee the development of the next BioShock game, as well as franchise extensions including our film partnership with Netflix. We will share more about Rod's onboarding and how these changes will take shape in the coming days and weeks. Rod and I worked together 10+ years ago and I am grateful he has chosen to return to lead our BioShock efforts.
I recognize that today is a day of mixed emotions. We're excited to have Rod joining us, and are equally grateful to everyone at Cloud Chamber who has helped us get this far. These changes are rooted in 2K's firm confidence in BioShock as one of the most beloved franchises, and our commitment to deliver the best game in franchise history.
David
Best of Variety
New Movies Out Now in Theaters: What to See This Week
What's Coming to Disney+ in August 2025
What's Coming to Netflix in August 2025
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
USA Today
an hour ago
- USA Today
Philadelphia 76ers star Tyrese Maxey has NBA2K26 rating revealed
The popular video game, NBA2K26, will be released very soon as everybody prepares for the 2025-26 NBA season. The game promises to add new features and continue to upgrade graphics and things of the like as the game's production team looks for improvements. A big topic everybody looks for is ratings. The masses want to know what their favorite player's 2K rating is in the game and the official Twitter account released the top 100 rated players in the game. The Philadelphia 76ers have an entry on the list in the form of Tyrese Maxey. 2K26 has given Maxey an overall rating of 86 which is in the top 100 of the game. Other notable stars with an 86 rating include Miami Heat star Tyler Herro, San Antonio Spurs star De'Aaron Fox, Minnesota Timberwolves star Julius Randle, and Denver Nuggets star Jamal Murray. As the Sixers move into the 2025-26 season, Maxey will look to continue taking steps forward in his leadership to make sure Philadelphia bounces back in a big way in the coming season.
Yahoo
2 hours ago
- Yahoo
Elon Musk's teen prodigy Kairan Quazi is ditching SpaceX for billionaire Ken Griffin's Citadel Securities
At just 16 years old, Kairan Quazi has already gained accolades most engineers spend decades accumulating. He graduated from college, helped design software for SpaceX Starlink satellites, and turned down offers from Silicon Valley's buzzy AI labs. Now, the prodigy is taking his next leap—not in Silicon Valley, but on Wall Street, where he's joining Citadel Securities, a liquidity provider, as a quant developer. A defiant attitude Quazi's path has been unconventional from the start. At 9, he left third grade for community college, went on to intern at Intel Labs at 10, and transferred to Santa Clara University at 11, eventually becoming the youngest graduate in its 172-year history. In 2023, he made headlines when Elon Musk's SpaceX hired him at just 14 years old. A 'rare company,' Quazi said at the time, that didn't use his age as an 'arbitrary and outdated proxy for maturity and ability.' The same year, he sparred with Microsoft-owned LinkedIn after it locked him out of the platform for being under 16, blasting the decision as 'illogical, primitive nonsense.' In fact, Quazi has never been shy about critiquing the traditional system that held him back. Once LinkedIn allowed him back on to their platform, Quazi posted a comment slamming the conventional school system. The 16-year-old argued that 'tests are not used to measure mastery, but the ability to regurgitate' and that the modern 'school factory' rewards fear and prestige-chasing over learning. 'Age, privilege, and unconscious (sometimes even conscious) biases are used to gatekeep opportunities,' he wrote, adding that philosophers like Seneca the Younger and Roman emperor Marcus Aurelius might have seen today's education system as dangerous. Two years later, Quazi is channeling that same defiance into a different arena. He turned down offers from top AI startups and tech firms to join Citadel Securities this week in New York, citing the firm's culture of meritocracy and instant feedback. 'Quant finance offers a pretty rare combination: the complexity and intellectual challenge that AI research also provides, but with a much faster pace,' he told Business Insider. At Citadel Securities he said, he'll be able to see the results of his work in 'days, not months or years.' A win-win Citadel Securities—sister company to the well-known Citadel—for its part, has every reason to trumpet the win. The firm, which handles roughly 35% of U.S. retail stock trades and generated nearly $10 billion in revenue in 2024, is locked in a talent war with the likes of OpenAI, Anthropic, and xAI. Recruiting a prodigy who was once deemed too young for LinkedIn—but now works at the intersection of engineering and quantitative problem-solving—is a symbolic coup for Ken Griffin's trading powerhouse. For Quazi, the move also closes a personal loop. His mother worked in mergers and acquisitions as an investment banker, giving him early exposure to finance. And on campus, he saw how coveted quant jobs had become for math and computer-science students. 'It's one of the most prestigious industries you could go into as a computer scientist or mathematician,' he told Business Insider. Now, he's living that reality in New York City. Quazi has moved into an apartment just a 10-minute walk from Citadel Securities' Park Avenue office. 'New York has a very special place in my heart,' he said, noting that his mom grew up in Astoria, Queens. Unlike his time at SpaceX, where his mother had to drive him to work in Redmond, Wash., Quazi's commute is now his own: first on foot, and soon, by subway. 'I felt ready to take on new challenges and expand my skill set into a different high-performance environment,' he said. 'Citadel Securities offered a similarly ambitious culture, but also a completely new domain, which is very exciting for me.' Jackie Scharnick, Citadel's communications director, said Quazi would pass on an interview with Fortune so he could 'focus on his second day of work.' This story was originally featured on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 hours ago
- Yahoo
Is This Space Stock the Next Big Trillion-Dollar Opportunity?
The race to dominate space is no longer limited to just exploration, but is also about securing tomorrow's infrastructure and defense systems. Among the most ambitious players, Rocket Lab (RKLB) is emerging as one of the most compelling space companies. Rocket Lab stock has soared 604.6% over the past year. So far this year, the stock has captured attention, rising 81.5%, wildly outperforming the broader market gain. More News from Barchart Trade the Warren Buffett Rally in UnitedHealth Stock With This High-Reward, Low-Risk Options Strategy Lyft Generates Huge FCF Margins - LYFT Stock Is Too Cheap Cathie Wood Is Buying BLSH Stock After the Bullish IPO. Should You? Get exclusive insights with the FREE Barchart Brief newsletter. Subscribe now for quick, incisive midday market analysis you won't find anywhere else. The global space economy is estimated to be worth $1.8 trillion by 2035. With record revenues, expanding contracts with space agencies and the U.S. Department of Defense, and its upcoming Neutron rocket program, the company is making a strong case that it could be a leading player in the next trillion-dollar opportunity in space. Let's find out if RKLB stock is a buy now. About Rocket Labs Valued at $20.4 billion, Rocket Lab specializes in launch services, spacecraft manufacturing, and satellite solutions. The company is best known for its Electron rocket, a small-lift launch vehicle used to place small satellites in orbit. It has a lifting capacity of about 300 kilograms. Electron is one of the most frequently launched U.S. rockets after Elon Musk-owned SpaceX's Falcon 9, mainly serving the small satellite market. To compete more directly with SpaceX, the company is developing Neutron, a larger rocket designed for medium-class payloads and potentially reusable launch systems. The company also manufactures spacecraft platforms and components, which are not only used in Rocket Lab missions, but also sold to other aerospace and defense firms. This diversification is critical because the satellite market and defense-related contracts generate recurring, high-margin revenue streams in contrast to the capital-intensive launch business. Rocket Lab Is Soaring High In the second quarter, total revenue came in at $144.5 million, a 36% year-over-year increase. Space Systems delivered $97.9 million in revenue driven by rising demand for satellite components and manufacturing. Launch Services generated $66.6 million, indicating strong demand for Electron launches and early pipeline momentum for Neutron and the hypersonic-testing HASTE program. Importantly, Rocket Lab ended Q2 with $1 billion in backlog, demonstrating its robust order pipeline. Management anticipates that approximately 58% of this backlog will be converted to revenue within the next 12 months, providing the company with visibility into near-term growth. With 70 launches completed, Electron has shown dependability that competitors in the small-launch market struggle to match. While Electron is Rocket Lab's present, Neutron is its future. Neutron, designed as a reusable medium-lift rocket, will compete directly with SpaceX's Falcon 9 for commercial and national security missions. The company anticipates receiving Neutron's first launch license by the end of this year. During the Q2 earnings call, management emphasized that Rocket Lab is not simply building one rocket. Instead, it is investing in scalable infrastructure to accommodate multiple Neutron flights each year. The company intends to produce three Neutrons per year beginning next year, thanks to automated composite manufacturing and long-lead equipment orders. If successful, Neutron could help Rocket Lab capture a much larger share of the more than $100 billion global launch services market. Furthermore, one of Rocket Lab's boldest moves this year has been the acquisition of GEOST, a leading manufacturer of space-based missile tracking satellites. This agreement solidifies Rocket Lab's strategy of vertical integration, from launch to spacecraft and now payloads. This establishes the company as a one-stop shop for national security operations. Rocket Lab's ambitions go far beyond Earth orbit. The company has been heavily involved in Mars exploration, providing components for missions such as NASA's InSight lander, the Perseverance rover's cruise stage, and the Ingenuity helicopter. The company remains unprofitable due to high R&D costs. Net losses came in at $0.13 per share, while adjusted EBITDA losses reached $27.6 million. At the end of the second quarter, liquidity remained strong at $754 million in cash, cash equivalents, restricted cash, and marketable securities. Despite the tremendous opportunities, risks persist. A slip in Neutron's launch schedule could dampen momentum and test investor patience. Rocket Lab must deliver on time, at scale, and with unwavering reliability. Looking ahead, management anticipates Q3 revenue to be between $145 million and $155 million. Adjusted gross margins could reach 39% to 41%, indicating improved launch economics and overhead absorption. Adjusted EBITDA loss is expected to narrow to between $21 million and $23 million, highlighting the company's progress toward profitability as R&D spending shifts from development to recurring flight operations. Analysts covering Rocket Lab stock predict that revenue will increase by 34.6% in 2025, followed by a 52.6% increase in 2026. Analysts anticipate that losses will gradually decrease by next year. Trading at 36 times forward sales, Rocket Lab's stock is steep, but it reflects investors' high expectations. What Does Wall Street Say About Rocket Lab Stock? Overall, Wall Street rates Rocket Lab stock a 'Moderate Buy.' Of the 15 analysts who cover the stock, eight rate it as a 'Strong Buy,' one says it is a 'Moderate Buy,' while the remaining six rate it a 'Hold.' The stock has surpassed its average target price of $43.85. But its high target price of $55 implies a 22% increase from current levels. The Key Takeaway Given the financial momentum, a billion-dollar backlog, and strong liquidity, if Rocket Lab executes on its strategy, it could emerge as a key player in the next wave of the space industry, which could be worth trillions within the next decade. While Rocket Lab is an intriguing growth stock, risk-averse investors may want to wait until the company generates a profit before making any investment decisions. On the date of publication, Sushree Mohanty did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on
