The best source as of the time i started writing this is in Japanese-only, so bear with me here.
To recap for those of you who are unaware of the story, MAGES was initially bought by Japanese media conglomerate DWANGO (Yes, the online gaming company that inspired those multiplayer DOOM maps you probably recognize. They actually had a Japanese division that outlasted the main company.) .back in 2013, who then merged with a much larger multimedia company called Kadokawa in 2014.
It can't be underestimated how many companies Kodokawa Dwango had at this point. Aside from MAGES, they also owned FROM Software and Spike Chunsoft,
Kadokawa Daiei Studio. (One of the "big four" film studios in the country),
They even straight up run Famitsu, which i'm pretty sure is a major conflict of interest, but no one in Japan really seems care.
With so many companies at their belt, it's clear that some would eventually get cast out. and against all odds, MAGES got a pretty decent deal out of it. Becoming an independent company thanks to the help of Chiyomaru Studio, a secondary company that shares a president with them.
...and then this happened. They didn't even get the chance to release anything (Outside of a few localizations distributed by the western branch of Spike Chunsoft, and localized by Strangely Compelling Media in the case of Steins;Gate.) during the period where they were independent.
Colopl, which is so obscure they only have a unfinished Japanese Wikipedia Article. Is basically a mobile game dev. They do also make a few VR games. But their main focus since their founding in 2008 has been mobile titles.
The real issue here is that Colopl is currently embroiled in a lawsuit with Nintendo since 2018, which can't be a good sign for the upcoming Famicom Tantei Club remake MAGES was working on.
They have recently changed White Cat Project (The game that started the lawsuit.) to avoid infringing on Nintendo's patents, but the case is still ongoing.
