Update: Crytek today confirmed last night's news, announcing it indeed purchasing the assets and business of Free Radical Design. The forty-some people still left at the company following December's layoffs and bankruptcy will be retained. The studio will now be known as Crytek UK.
Original: Though an official announcement on the fate of TimeSplitters developer Free Radical isn't due until tomorrow, staffer Rob Yescombe has already spilled the beans.
Crysis developer Crytek is now the proud owner of the bankrupt development studio, Yescombe, a script writer, told 1UP. "It's the smoothest deal we've ever done. It all went through quickly, efficiently, fantastically," he said.
At present, it's unclear if Crytek will enable Free Radical to regain some of the 140 employees it lost last December, or if work will continue on TimeSplitters 4.