Between the last three Transformers films significantly underperforming, combined with the Paramount and Skydance merger being placed in political limbo for revenge purposes, the result is a studio under significant financial strain. Add to that, Hasbro has stopped all co-production agreements which means they will not pay half the cost of producing any future movies related to their properties which was driven by revenue drop in Transformers movies and toys with company wide year over year declining toy sales hampering their bottom line even further. That co-production agreement was key to the filming being made as it shared the risk.
Again none of this is official but all signs indicate that the Transformers movie franchise is parked for the foreseeable future. The Transformers/G.I. Joe movie is probably permanently shelved. As of right now the only thing movie or television related coming for this franchise is Transformers: Cyberverse YouTube shorts that will start July 12.
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