>>723658154
Square Enix still owns the IP insofar as video games go. But japanese business logic and the times have gridlocked the franchise. PE1 only got made because Squaresoft was swimming in fuck tons of liquid capital in the 90's. So they could afford to be taking risks. PE1 did very well, and PE2 got the green light, but that game has a really brutal identity crisis and was so different from PE1 that despite decent reviews and ok sales, squaresoft internally wasn't happy with it. Then in an apparent attempts to decouple PE from the grip of Sena's lawyer 3rd birthday was made and despite selling really good for a psp game, the desired goal of "remove anything directly related to Sena's novel" also left the fanchise with nowhere to go, and yet another completely different gameplay style and system.
Since then the cost to make even a mid budget title is so fucking daunting that nobody in charge at square enix seems to want to take the risk of trying a 4th time. It's a shame, because as goofy as PE2 was it's ending left a lot of loose ends that would have been fun to follow up on.