Not Ascension. This is seemingly a reaction based on that combined with a project that got canned, for reasons that we're not privy to.
http://www.********.com/gamedb/?name=god+of+war
The main games (1,2 & 3) are all over 4 million copies (retail).
I was very surprised to see this happen at first, but then I thought to myself: Have any of their games really sold gangbusters? The anwser is YES.
The only games they have internally been working are the God of War series and the Kinectica, no matter how much input they have on other projects from other teams.
Here's a few list of a few games they have either internally developed or co-produced with other teams/studios:
Kinetica (Internally developed)
God of War I (Internally developed)
God of War II (Internally developed)
God of War III (Internally developed)
God of War: Ascension (Internally developed)
Unannounced Game[5] (most likely Internally developed)
God of War: Chains of Olympus (Ready at Dawn)
God of War: Ghost of Sparta (Ready at Dawn)
God of War: Origins Collection (Ready at Dawn)
The Order: 1886 (Ready at Dawn)
Blast Factor (Bluepoint Games)
God of War Collection (Bluepoint Games)
God of War Saga (Internally developed/ + collab of Ready at Dawn and Bluepoint Games)
flOw (incubated - Thatgamecompany)
Flower (Incubated - Thatgamecompany)
Journey (Incubated - Thatgamecompany)
The Unfinished Swan (Incubated - Giant Sparrow)
PlayStation All-Stars Battle Royale (Incubated - SuperBot Entertainment
Calling All Cars! (Incognito Entertainment)
Warhawk (Incognito Entertainment)
Starhawk (LightBox Interactive)
PixelJunk Racers (Q-Games)
PixelJunk Monsters (Q-Games)
PixelJunk Eden (Q-Games)
PixelJunk Monsters Deluxe (Q-Games)
PixelJunk Shooter (Q-Games)
PixelJunk Shooter 2 (Q-Games)
PixelJunk SideScroller (Q-Games)
PixelJunk 4am (Q-Games)
Everyday Shooter (Queasy Games)
Sound Shapes (Queasy Games)
Twisted Metal Head-On: Extra Twisted Edition (Eat Sleep Play)
Twisted Metal (Eat Sleep Play)
The Con (Think & Feel Inc.)
Neopets: The Darkest Faerie (Idol Minds)
God of War: Betrayal (Javaground)
flOw (PSP) (SuperVillain Studios)
Linger in Shadows (Plastic)
Everyday Shooter (PSP) (Backbone Entertainment)
Fat Princess (Titan Studios and Atomic Operations)
.detuned (.theprodukkt)
Fat Princess: Fistful of Cake (Super Villain Studios)
Carnival Island (Magic Pixel Games)
Escape Plan (Fun Bits Interactive)
Datura (Plastic)
Sorcery (The Workshop)
Hohokum (Honeyslug)
Everybody's Gone to the Rapture (The Chinese Room)