The new venture is called LightSpeed Studio, and it's headed up by former Rockstar Games studio manager and producer Steve Martin. The Los Angeles studio is being backed by Tencent Games as part of its Lightspeed & Quantum subsidiary, according to GamesIndustry.
"We're ushering a new era of game culture by combining world-class development with a stress-free work environment," Martin said in a press release. "From day one, our teams will be focused on building the highest caliber games while promoting integrity, proactivity, collaboration, and creativity."
LightSpeed currently includes employees who previously worked at Respawn Entertainment, 2K Games, Insomniac, and Rockstar (which I'm guessing refers to people beyond Martin). The studio isn't sharing any details about its first project yet, aside from confirming that it's headed to both next-gen consoles and that it will be a AAA open-world game.
Martin says he's dedicated to creating "a crunch-free and inclusive culture" for LightSpeed, which sounds like a direct response to frequent reports of institutionalized overwork at his former employer. Martin left Rockstar in July 2019 and joined Tencent in December, according to his LinkedIn profile. Assuming he started recruiting for the studio soon after, it's safe to assume it's still very early days for LightSpeed's first project - don't expect to see it showing up as a launch window game for either console.
See what's on the nearer side of the horizon with our guide to upcoming PS5 games.