Old post: http://ign.com/articles/2014/06/08/the-last-guardian-cancelled
This really sucks, the game was looking amazing.
[b]UPDATE[/b]: https://twitter.com/RohdeScott/status/475515804067569664
It has been confirmed that is not cancelled and it just a misleading title at ign.
[u]Thanks to vgnut and keyu for the links.[/u]
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The writing has been on the walls for years. Basically when the creative director quit due to Sony trying to take control away from him in order to turn it into another generic story game it was pretty much all over.