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The Embracer Group mostly cares about movie rights, although the Gearbox subsidiary may be intended to focus more on games.
Runic Games (the people who actually developed Torchlight) no longer exists. It was never a very big studio (I think it was in the 30 person range at its peak), and I think most of the people involved have scattered to the winds.
The three lead devs were Travis Baldree, the the two brothers Max and Eric Schaefer. Travis and Eric went off on their own after Runic was shuttered and formed Double Damage Games (which is just the two of them) and they've made a couple of games since then. Max Schaefer went on to create Echtra Games, and they made TL3 (which ended up as a rather flawed attempt to combine several conflicting agendas). Perfect World terminated the TL3 project and Echtra got sold off to Zynga.
So ... actually getting the original devs back together to work on the series again would probably be almost impossible.
I'd personally love to see a modern version of the gameplay that TL1 and TL2 presented, but ... I'm not optimistic about such a thing ever existing.
Torchlight Infinite is a licensed product intended to capitalize on the existing IP, but is done by a studio that has nothing at all in common with Runic. (And isn't even the same kind of product, being a Game-as-a-Service).