According to a Develop report, "a source close to the matter" has told the trade publication that Team Bondi's intellectual property and assets have been sold to Sydney-based multimedia production firm Kennedy Miller Mitchell. The firm--cofounded by Mad Max director George Miller and frequent producing partner Doug Mitchell--is currently working on the film Happy Feet 2 and in pre-production on Mad Max: Fury Road. Its game-making arm, KMM Games, is producing the game adaptation of Happy Feet 2.
Develop's source states that all Team Bondi employees have been given the choice of moving to work at Kennedy Miller Mitchell or accepting a severance package. It's unclear if KMM plans to have Team Bondi continue to exist as a label. However a transfer of ownership to KMM plays out, it won't include the L.A. Noire name, as that intellectual property is owned by Rockstar Games.