City of Heroes from being shut down may have passed, but the debates about the game's profitability and the merit of that shutdown aren't going anywhere. An anonymous source has come forward reaffirming several previous data points but also elaborating on some of the details surrounding the closure, including Paragon Studios' plan to pull away from NCsoft entirely and why NCsoft wouldn't greenlight a sequel to the game. Surprisingly, NCsoft's Chief of Corporate Communications, Lincoln Davis, responded to the information, denying all claims but still shedding some light on the issue.
Davis mentions repeatedly that Paragon Studios was not profitable, but at no point does he state that City of Heroes itself was not profitable. He also avoids saying that the company was unable to find a buyer for the game but simply that the company was unable to find a buyer that NCsoft thought would support the game "in a manner [players] were accustomed to for years to come." While it won't bring the game back, it certainly sheds some interesting light on the whole situation, albeit light that will likely be of cold comfort to the game's fans.
[Update: We've reached out to NCsoft for a more detailed statement; we'll keep you posted when we hear more.]