The De Blob dev has gone out of business.
Red Faction Armageddon flopped spectacularly as well, and some THQ racing franchise also underperformed. It's caused THQ to shutter all 3 franchises.
You're thinking of MX vs ATV.
Also, Red Faction got mismanaged to death.
The thing is, I've seen a lot of accusations that the mismanagement was entirely with Armageddon, as it didn't review all that well and even to me in the demo came off as something of a mediocre Dead Space clone. But recently, the previous game in the series, Guerrilla, was heavily discounted on PSN for $9.99. I picked up the game to try it out because I'd heard so much good stuff about it (even Yahtzee liked it), and I'm sorry but that game is one of the most
boring I've ever played. Maybe Guerrilla is a better game, but I had a lot more
fun with the Armageddon demo.
I have to wonder if the Red Faction franchise ever had any chance to have a future, though. The first game's only notable feature was that you could occasionally blow holes in specially-scripted walls, which reappeared in the sequel, and then it was transformed into uninteresting-looking destructible objects for Guerrilla and Armageddon. The franchise needed a more impressive (or at least more consistent) hook, and it just never got it.