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Psychonauts is returning to Tim Schafer. That statement is true, if not entirely accurate. Double Fine, Schafer’s production studio, has always had the rights to the Psychonauts intellectual property, giving them control over the franchise’s future. Now, however, the publishing rights of the original game are reverting to Schafer’s studio, which falls more on the financial side of things than the creative side. 
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The image featured at the top of this post is ©The Legend of Heroes: Trails of Cold Steel III key art.