Final Fantasy creator Hironobu Sakaguchi has founded his own development company called Mist Walker, according to Japanese magazine Famitsu Weekly. The company consists of a small group of about 10 artists and writers. Sakaguchi left Square after the failure of the Final Fantasy: The Spirits Within film. His company is said to be developing a new RPG for next-generation consoles.
In related/non-related news, in addition to the CG movie Final Fantasy VII: Advent Children and the mobile phone-based Before Crisis: Final Fantasy VII, another Final Fantasy VII spin-off is in development at Square Enix. No release date or platform information has been given.