In a statement on the developer's homepage, BioShock creator Ken Levine says he's closing down the successful studio and laying off most of the staff in order to start a new, smaller venture at publisher Take-Two. Abandoning both award-winning staff and publisher 2K.

I am winding down Irrational Games as you know it. I’ll be starting a smaller, more entrepreneurial endeavor at Take-Two,” Levine wrote. “That is going to mean parting ways with all but about fifteen members of the Irrational team. There’s 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.”

Check out the entire letter here.

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[Via VG247]

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