In 2008, Activision picked up Budcat Creations - a studio that has specialized in making games for older formats, like the Playstation 2 versions of the last couple of Guitar Hero-games, and Psychonauts and several Madden NFL games before that. Now the publisher has announced that Budcat will be closing down and that the studio's developers and QA have lost their jobs in a "targeted reduction in jobs."
The shut down of Budcat is a part of Activision streamlining their music game franchises, but it's always sad to see people in the industry lose their jobs - especially this close to Christmas, when it tends to happen a lot.