Activision has taken Neversoft and combined it with Infinity Ward to create one studio. The new combined studio will continue to be called Infinity Ward. The two studios have worked togeather On Call of Duty: Ghosts and it became clear that complementary skillsets at both studios would work well or maybe even better when combined as a single studio.
Neversoft is best known for its work on the Tony Hawk franchise where the studio cut its chops so to speak. Later the developer went on to work on Spiderman (which used the Tony Hawk Engine), Gun, as well as several Guitar Hero titles. When Guitar Hero was put on the shelf for the time being, the studio has worked on a number of projects including Call of Duty: Ghosts with Infinity Ward.
While it will be kind of weird to not see the Neversoft logo on titles in the future, after a twenty year run, I guess it is something that we will grow accustom too. We are hearing that Neversoft studio founder Joel Jewett and studio director Scott Pease are apparently retiring from the game industry and will not be making the move to Infinity Ward according to our sources.