Back in True Crime: Hong Kong, the third game in the open world series that for a time was Grand Theft Auto's rival, before Saints Row., among the casualties in Activision's massive purge was
Activisionthe game "wouldn't be good", which was a little later.
However, Square-Enix has announced that they would back the game's development. Square-Enix won't own the IP, they'll just fund United Front Games and distribute the game.
This is one of the three announcements that Square-Enix. What's next? We'll find out soon enough.