Despite the fact that Crytek UK (formerly Free Radical) is no more and development of Homefront: The Revolution has moved to recently founded studio Dambuster, it's been reported that Crytek still retains the right to the brand Timesplitters.
When Deep Silver bought the rights to Homefront, it was just that, nothing else, explained a Deep Silver spokesperson to Polygon.
What Crytek will do with the brand remains to be seen, though it's worth pointing out that the franchise IP has attracted interest from potential buyers - serious or not - recently.