Rooster Teeth, the entertainment company behind the popular Halo parody Red vs. Blue and magical girl action-series RWBY, is shutting down after 21 years.

The news was announced at an all-hands meeting on March 6 alongside a staff-wide memo from Rooster Teeth general manager Jordan Levin, according to Variety. The memo states the company's closure came as a result of "challenges facing digital media resulting from fundamental shifts in consumer behavior and monetization across platforms, advertising, and patronage."

Warner Bros. Discovery is in talks to sell-off some of Rooster Teeth's most popular intellectual property, including Red vs. Blue. The show popularized machinima with its use of the Halo game series to tell its story and put Rooster Teeth on the map back when it started in 2003, the same year the company was founded. In more recent years Rooster Teeth has become more associated with its anime-inspired original show RWBY, which has run for nine seasons and spawned multiple spin-offs and video games.