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Echtra Games (also a Perfect World studio) built TL3, and included at least some of the Runic staff, but had conflicting agendas. Perfect World wanted a G-a-a-S, Max Schaefer (the lead dev) wanted an MMO, and the fans wanted a sequel to TL2. Trying to achieve fan expectations used up all the money Max had left, leaving TL3 in the largely unfinished state it's in. Echtra was then sold off to Zynga and now makes mobile games.
XD Inc, who made Torchlight Infinite, did it under license, and had nothing to do with any of the earlier games.
At this point, even the ownership of the IP is a little murky.
The Embracer group went on a huge buying spree, and bought up both Gearbox and (at least parts of) Perfect World. Then created Gearbox Publishing, which was to be the heart of major gaming empire, and among other things, had control of the IP. However, the Embracer Group had a financing deal fall through with the Saudis, and instead are in the process of selling Gearbox off to 2K (Take Two Interactive).
So at this point, who owns and/or controls the IP is a little unclear (at least from my perspective).
Regardless, expecting an actual sequel to TL2 anytime soon would be is probably unrealistically optimistic.
If someone did want to make another Torchlight game at this point, they'd have to assemble a studio (or at least the core of one) and apply to the IP owner for a license (and possibly financing).
They didn't *have* to call Torchlight "Fate 4" but that's what it is.
The next Torchlight doesn't have to carry the name. It just has to be "this right here but more and better".
Mobile, Frontiers, and Infinite drifted away from what TL1&2 were built to be.
In some ways - we have to look reverse in order to go forward.
Mobile, Frontiers, and Infinite sought to sustain economically through additional services and outside inspiration; only to separate it's market from the early intention of the series.
There's a lot of Diablo "DNA" in the Torchlight series as well (especially TL1).
Max and Eric Schaefer are Condor Games (Blizzard North) Alums, as were a number of other people who were part of Runic (Matt Uelmen for example).