Team Ninja and Gust are merging, because that always works out great

I almost didn't publish this article. Corporate restructuring is pretty yawnable. But it's late and I was bored. So here we go...

Koei Tecmo has announced a corporate reorganization effective April 1, 2026. Team NINJA Brand 1, one of the two internal divisions of the studio behind Ninja Gaiden, Dead or Alive, and Nioh, is being transferred to Gust, the studio behind the Atelier series. It will be renamed Gust Brand 2.

Meanwhile, Team NINJA Brand 2 is being split into two new groups: a new Team NINJA Brand 1 and a new Team NINJA Brand 2. The executive shuffle that accompanies this includes Sakuta Yasunori, formerly head of Team NINJA Brand 1, moving to lead the newly formed Gust Brand 2. Junzo Hosoi, Gust’s executive officer, is picking up additional responsibilities across the reorganized divisions.

If you are confused, you are paying attention.

Team Ninja: from bankruptcy saviors to Soulslike royalty

Team Ninja was formed in 1995 as Tecmo Creative #3, a small internal group led by Tomonobu Itagaki. Tecmo was in financial trouble at the time, and management asked Itagaki to create a fighting game that could compete with Sega’s Virtua Fighter. The result was Dead or Alive, which launched in arcades in 1996 and became a critical part of saving Tecmo from bankruptcy. The team was renamed Team Ninja in 1999.

In 2004, Team Ninja modernized the classic Ninja Gaiden franchise with a brutally difficult action game for the original Xbox that received universal acclaim. That same era produced multiple Dead or Alive sequels and spin-offs, including the infamous Dead or Alive Xtreme Beach Volleyball.

Things got messy in 2008 when founder Itagaki left Tecmo after a dispute over unpaid bonuses, filing a lawsuit against the company president on his way out. Many of his colleagues followed him. Yosuke Hayashi took over leadership and guided Team Ninja through the Tecmo-Koei merger in 2009.

Under Hayashi and later Fumihiko Yasuda, Team Ninja reinvented itself. Nioh launched in 2017 to enormous critical and commercial success, establishing the studio as a legitimate force in the Soulslike genre. Nioh 2 followed in 2020, and Wo Long: Fallen Dynasty arrived in 2023. The studio also collaborated with Nintendo on Hyrule Warriors and Metroid: Other M, and with Square Enix on Stranger of Paradise: Final Fantasy Origin.

Team Ninja celebrated its 30th anniversary in 2025 with the reveal of Ninja Gaiden 4 and Nioh 3. Dead or Alive 6 Last Round is due in June 2026. The studio is arguably at its creative peak.

Gust: the quiet alchemists

Gust was founded in 1993 in Nagano Prefecture as the first advertised game software house in the region. The company started by making dōjin games for the PC-9801 before becoming an official PlayStation developer in 1994. In 1997, Gust released Atelier Marie: The Alchemist of Salburg, launching what would become one of the longest-running JRPG franchises in the industry.

The Atelier series is now approaching 30 entries. The games are known for their alchemy and item-crafting systems, pastel character designs, and a distinctly chill vibe that sits at the opposite end of the intensity spectrum from anything Team Ninja has ever produced. Gust also developed the Ar Tonelico series, the Nights of Azure games, and Blue Reflection.

Koei Tecmo acquired Gust in 2011 for ¥2.2 billion (about $28 million at the time) and fully absorbed the company as an internal brand in 2014. In 2020, Gust relocated from its original Nagano studio to Koei Tecmo’s new headquarters in Yokohama.

What this actually means

The press release does not explain why a team that was previously developing games under the Team NINJA banner is now being placed under Gust. There is no indication of what projects this affects or whether any games currently in development will change direction. The announcement is framed entirely in corporate language about “optimizing organizational structure in response to changes in the business environment.”

One possible reading is that Koei Tecmo is consolidating development resources to give Gust more headcount for larger projects, while keeping Team NINJA focused on its core franchises. Another reading is that this is the kind of corporate restructuring that looks efficient on a spreadsheet and bewildering to everyone who actually makes the games.

As always, I wish the best to the employees and the company. May you keep making sweet sweet games.

Corporate mergers and reorganizations are always great for the consumer, right? Right?!