The announcement was made today by both Epic and Mediatonic. Both companies have assured that, as far as Fall Guys goes, nothing will immediately change, and the game is still in development for other platforms. By the sound of it, the game will be getting features similar to games like Fortnite and Rocket League, namely "account systems, cross-play, squad vs squad modes etc". The game isn't currently going free-to-play.
As to the reasoning behind the buyout, it seems to be a mutually beneficial agreement. Mediatonic writes that it and Epic have "a lot in common and share a lot of the same goals". With the additional resources provided by the publisher, Mediatonic can "take the game to new (dizzying) heights".
What do you make of this news? Does this come as a surprise? Stumble into the comments section below.