India, Jan. 21 -- Video game behemoth Ubisoft has acknowledged the termination of the eagerly anticipated "Prince of Persia: The Sands of Time" remake in a broad company reset. The decision is part of a massive reorganization that has also led to the scrapping of five other unannounced titles, studio closures, and a new focus on fewer, bigger-budget games.

Ubisoft is fundamentally changing how it operates. The company announced it is dividing its massive operations into five separate "Creative Houses." Each house will focus on a specific genre, like open-world adventures or shooters, and will have full control over its projects, budget, and profits. This move, described by CEO Yves Guillemot as a "radical move," aims to speed up decision...