The company behind the BioShock series, including the highly awarded BioShock Infinite is shutting its doors. On the Irrational Games blog creative lead Ken Levine says that he'll be winding down the company as "about fifteen" members of the Irrational team has formed a new, smaller venture within Take-Two Interactive. Levine says that him and his members will now focus on the goal to "make narrative-driven games for the core gamer that are highly replayable."
On the news Take-Two said: "The BioShock universe remains a rich creative canvas for many untold stories, and we look forward to exploring the nextBioShock experience." So while not the end of the series it will be passed over to another developer within Take-Two. You can read more about the closing of the company at the source link.
Source: Irrational Games