As VGC points out, Tony Hawk himself said so on a Twitch stream with Andy Gentile, a member of the THPS dev team. The initial plan, even up until the release date of THPS 1+2, was to do a 3+4 remaster. Then Vicarious Visions got absorbed into Blizzard. “and then it was over”. Tony Hawk said that Activision continued to look for devs to continue the project, but didn’t find anyone that the publisher trusted they way it trusted Vicarious Visions. But after a number of pitches and not liking what it heard, the publisher reportedly gave up. The pro skater said that there’s still a small chance that something might still happen further down the line. After all, he himself never expected the first two games to get a second outing 20 years later. Looking at what Blizzard Entertainment has in the pipeline, the publisher is currently working on primarily Overwatch 2 and Diablo IV. Beyond that, it’s the usual stream of updates for the World of Warcraft MMO and its Classic counterpart. Considering it has two games coming up pretty soon, there’s probably not enough breathing room for Blizzard Albany to work on THPS 3+4. Which is the same, especially for fans who much preferred the more open and free format of Tony Hawk’s Pro Skater 4. And even worse, it means arguably the best entries, the Underground subseries, are even less likely to get a newer coat of paint. (Source: AndyTHPS / Twitch via VGC)
