EA to shut down BioWare and cancel the next Mass Effect game

Bloomberg reports that EA will lay off roughly 400 employees, shut down BioWare, and cancel the next game in the Mass Effect series. BioWare confirmed on social media that it is closing and that early development on the next Mass Effect project is ending. The closure follows EA's $55 billion buyout and take-private deal, which left the company with $18 billion in debt and a pledge of $700 million in annual cost savings.