Krafton announced that they have completely absorbed several of their subsidiaries and PUBG Corp is among them. The team will operate under a slightly different name but it's mostly going to stay business as usual.
Krafton is a South Korean giant in the gaming industry, boasting titles such as PUBG and TERA, among others, and they recently announced that they completely integrated several subsidiary studios, such as PUBG Corporation.
The wording around the hierarchy is a bit odd since Krafton is simply absorbing these subsidiaries into its "independent studio system". Anyway, PUBG Corp will now be known as PUBG Studio and the team will focus strictly on development of the famous battle royale.
This means that PUBG Studio will continue working on both PUBG and PUBG Mobile, although the latter is true only for select countries. They will continue striving to make PUBG larger, even though player counts are a fraction of they used to be.
Besides PUBG Studio, there are three new additions to Krafton's independent studio system. One of them is Striking Distance Studios, led by Glen Schofield, who will work on creating an original narrative experience in the PUBG Universe.
Given the wording, it is highly possible that we are going to get a singleplayer PUBG game where we can explore the universe further - from the mysterious showrunner, over the people who work for him and perhaps even the Sanhok Four. PUBG has been dropping these lore entries at an increased rate lately and it wouldn't be too strange to see the teams expand on them.
Two other studios that got integrated are Bluehole and RisingWings, the former of which is going to continue servicing MMOs such as TERA and the upcoming ELYON while RisingWings will continue working on mobile games.