According to Variety, Ad Hoc studio has been founded by four former Telltale designers to continue the narrative game legacy into the future.
The four founders are Michael Choung, Dennis Lenart, Nick Herman, and Pierre Shorette. That's some heavy hitters right there. Hopefully, this batch of creative awesomeness leads to some excellent titles in the future. They're interested in developing live-action interactive narratives, which could be interesting.
Or maybe they'll be like Telltale and hone their craft on Sam and Max. One can only hope.