The Merseyside team has been behind some of our favourite games over the years, including Metropolis Street Racer and Project Gotham Racing. Despite releasing two good games last year — James Bond 007: Blood Stone and the aforementioned Blur — Activision wasn't happy with the title's commercial performances.
It sad to say goodbye to such a well liked (and obviously talented) studio such as Bizarre Creations, but it seems the way of the industry right now. Video games are a high stakes business, seems like you only get two strikes to deliver the goods. Hopefully the team find a new home elsewhere — worth knocking on Sony Liverpool and Evolution's door, right?