While most of this isn’t new information, today the lead graphics engineer at Zenimax Online reconfirmed that they’re working on a new IP and new engine for, most likely, a new MMO. Alex Tardif, who works at Zenimax Online has commented on a recent article that this is indeed still happening. Last year, Zenimax Online chief Matt Firor told Xbox Magazine that they’re working on a new IP and new engine.
When the Bethesda deal is finalized, probably somewhere mid-2021, Zenimax Online will be a Microsoft studio. They are currently supporting The Elder Scrolls Online, but are working on a new IP. Zenimax Online is one of the biggest Bethesda studios and after the Microsoft acquisition will become the third or fourth biggest Microsoft studio.