Terribly sad, I hate to see news like this.
From a business perspective this was unavoidable... the costs are bloated and some projects just were not that promising.
London Studio closing is kinda shocking, it's been part of PlayStation for the longest time. I guess they are looking to get out of the expensive city location, which is smart in accounting terms.
Firesprite was not a smart purchase... that money shoulda been saved for something in Japan or Korea.
There is a sea of change at PlayStation and in the wider economy... I expect even more cuts, I expect Firesprite to eventually be gone too and less studios in costly locations.