It's no surprise that MTV Games was shuttered, and yet it's still a bizarre sight. If you haven't been following the whole Harmonix saga, then in a nutshell- media giant Viacom wasn't all that happy with the so-so sales of the latest game in the Rock Band franchise, a series that's used to massive numbers.
So even though Rock Band 3 was an excellent game and garnered high praise from critics, Viacom sold them off to a private investment firm (which makes them an independent developer at this point) and put out a statement saying that the gaming business isn't really their cup of tea.
With Harmonix free and clear to pursue their own ends and Viacom done with the business all together- MTV Games was left out in the cold with basically nothing to do. today that came to an end as well.
Only a handfull of employees remain at the company's New York office reports MCV. Their job? To finish up with any outstanding issues. It's so... final.
As far as the Rock Band series goes, although definitely not dead, there's no word yet on a fourth entry or any kind of expansion that may be coming from Harmonix- we'll let you know as soon as we hear something.