Troika and Sierra went bust.

Just some interesting stuff here. I wasn't aware of there being plans for a sequel or anything involving Valve.

http://en.wikipedia.org/wiki/Arcanum:_Of_Steamworks_and_Magick_Obscura

Perhaps an individual(s) could still have the rights even though they no longer exist?

But wasn't Sierra also last owned by Activision then shut down? Perhaps Activision owns the rights?

Sierra was just Arcanum's publisher; I doubt that they acquired any of the rights to the game. That's good, though, since Bobby Kotick Activision acquiring them would be cause to shudder.

Activision very definitely owns the publishing rights, if nothing else. They're http://www.gog.com/en/gamecard/arcanum_of_steamworks_and_magick_obscura as the publisher on GoG.com's store page, and GoG didn't even get Arcanum into their storefront until they struck up a contract with Activision.

Depending on how contracts and the like were handled, given that Troika is bust Activision might own more than just the publishing rights.

the game is available for sale on the gog.com web site (Good Old Games) http://www.gog.com/en/gamecard/arcanum_of_steamworks_and_magick_obscura

$5.99

I think Paradox makes and owns Magicka.

Wrong game.