In 2004 Valve released the follow on to their wildly popular Half Life series in the form of Half Life2. They followed this up with an attempt at spacing out the next few games as chapters. This was supposed to benefit fans of the game by giving them a new “game” on a much faster schedule. Sadly for fans of Half Life this plan did not go well and the episodes dried up after getting only two out to the masses. This was despite the fact that three full episodes were planned. Since the release of Half Life 2: Episode 2 fans have been waiting for something, anything from Valve that features their favorite PHD hero, Dr. Gordon Freeman.
Valve's designer John Guthrie has confirmed that the Half Life: Episode 3 is in the early phase of making, and it's release is planned for 2014, according to Portal NSS. The game will appear in versions for PC, Xbox 360 and PS3, as well as for next-generation consoles (PS4 and Xbox One).
Valve is one of those companies that just seems to work. They have a leadership and management style that supports creativity and free thinking. In fact during a recent interview Gabe Newell stated that they let people work on the things they feel are important and that is how new projects are created (it was funny to hear him say he often rolls his desk into the elevator to work with others).