After the removal of its teaser, PT, from the PlayStation Store and following Del Toro's announcement that Hideo Kojima was no longer involved in the game's production, Silent Hills, which was slated for release on PlayStation 4, has been officially cancelled. The news was announced via the following tweet:
Konami is committed to new Silent Hill titles; however, the embryonic project 'Silent Hills' developed with Guillermo del Toro and featuring Norman Reedus will not be continued.
Regarding Kojima and Del Toro's involvement, discussions about future Silent Hill projects are ongoing, so please stay tuned for more news.
Those who downloaded the teaser will be able to play it normally.