Destiny 2 developer Bungie to lay off 220 staff, integrate more deeply with Sony, and "spin out" one game's development to a new PlayStation studio

UPDATE (01/08/24, 08:33 AM BST): Jason Schreier has now tweeted that, rather than the 75 initially specified, he's been told that "closer to 40 people are moving from Bungie's incubation team to the new Sony studio".
Destiny 2 developer Bungie has announced plans to lay off 220 staff, integrate 155 of its remaining job roles into Sony Interactive entertainment, and pass work on one of its "incubation projects" to a freshly formed PlayStation Studio.
This shift is laid out in a new blog post penned by Bungie CEO Pete Parsons, who called it "the most difficult changes we’ve ever had to make as a studio". "Due to rising costs of development and industry shifts as well as enduring economic conditions," he continued, "it has become clear that we need to make substantial changes to our cost structure and focus development efforts entirely on Destiny and Marathon."