That's kinda sad. Not a huge fan of the Red Faction brand, but when IP gets ditched, it is never a good thing. Perhaps when a company has had it with a brand, they should try to sell it off to someone else, who can have a go at it.
I thought it had good potential for a great open-world game with a fairly unique destructible environment mechanic. They didn't quite nail it down with RF: Guerilla, and then they went linear with Armageddon, which was still fun, but also disappointing because of squandered potential. Oh well, perhaps it will be revived in the future.
This is pretty sad news for me, love the RF franchise. I finished all 4 games multiple times and enjoyed every second of it. Armageddon was the most fun of all of them and I was really looking forward to seeing what they would do after that. Oh well, at least I still have Saints Row 3 to look forward to.