this post was submitted on 18 Aug 2024
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The studio closed, alongside some major scandals about how badly they abused their employees. They were working on another game that ended up getting canceled when they closed down.
I believe Rockstar/Take Two still own the IP but have no interest in using it at this time, and it's been long enough that not many people remember it or have much sentimental attachment, so I wouldn't expect anything new anytime soon.
There was a VR version that came out a few years ago that sparked a brief revival, and initially it was really fun. But of course Rockstar doesn't care to maintain it, so now there's a ton of issues if you try to play it these days. Last I checked a lot of people who bought it where full on locked out because of activation key issues.