Control 2 Announced

Remedy Entertainment announces Control 2, saying it is partnering with publisher 505 games on a sequel to Control, the 2019 action/adventure. This is currently in the preproduction phase for PC and consoles, and does not yet carry a release date. Word is Remedy will retain ownership of the IP and be the publisher on the PC edition. When its deal with 505 was announced, Remedy referenced "a bigger-budget Control game." The announcement lives up to that, saying that Control 2's initial development budget is EUR 50 million. Here's more on the plan:
Remedy Entertainment (“Remedy”) has signed an agreement with 505 Games, an international video game publisher and a subsidiary of Digital Bros Group, under which Remedy and 505 Games will co-develop and co-publish Control 2 (formerly known as Codename Heron), a sequel to Remedy’s award-winning game Control.

Control 2’s initial development budget amounts to EUR 50 million, and Remedy will retain the ownership of the game’s intellectual property. The development, marketing, and post-launch investments as well as the future net revenues generated by the game will be equally split between 505 Games and Remedy. The game will be available on PC, PlayStation 5, and Xbox Series X|S, and it will be built on Remedy’s proprietary Northlight® engine and tools. Remedy will publish the game on the PC platform and 505 Games will publish it on the console platforms. The project is currently in concept stage.