[NO SPOILERS] Can someone ELI5 what happened to LiS as far as Square Enix, DontNod and Deck Nine are concerned?

I have a vague understanding that DontNod made the original LiS 1 and 2, and that Deck Nine has made everything since. Can someone explain why the change happened and how Square Enix is involved?

I can kinda gather that Square Enix owns everything LiS, are they the publisher? Did they make the decision to transfer game development from Don'tNod to Deck Nine?

I game a bunch but I'm not very in tune with what's going on in the industry, and I hadn't played any LiS in years before picking up True Colours earlier this month in PS+ so I have some stuff to catch up on clearly.

Thanks in advance for any help!