http://www.develop-online.net/news/36797/Breaking-Activision-recommends-Bizarre-closure

Bizarre Creations' chances of being bought by another company were shattered today, as Activision issued to the group a recommendation for studio closure.

It means the Liverpool-based studio's likelihood of running under a new publisher are near-certainly over.

Bizarre staff have indicated they will accept the recommendation, an Activision executive told Develop.

Last year the studio housed around 200 staff.

Coddy Johnson, Activision Worldwide Studios’ chief operating officer, said the publisher had “looked at all options” before recommending to close the group. 

Pretty much confirmes that Blur and Blood Stone were flops?

Anyway. Hopefully they go to a better Publisher. Maybe MS buys them and gets them on PGR again?

Someone quickly snatch the Geometry Wars license from them and make another one... Pronto! Pronto!

Microsoft aren't interested apparently, no publisher really is and that's how they've come to this point. Activision was looking for buyers and they were most likely asking for too much (Bizarre are a pretty big studio with about 200 employees) and so their last resort was to just shut them down. I'd bet that Microsoft and Codemasters (who has been looking for some devs with some vehicular talent as of recently) will just pick up the pieces and grab as many Bizzarre devs as they can and incorporate them in to their own teams.