Probably the same reason that Insomniac isn't making another Spyro, neither company ever owned the IPs of those games. Crash Bandicoot was owned by Universal Interactive and Spyro was owned by Sierra which are all divisions under Vivendi Games the parent company of Sierra, Universal, Blizzard, etc.
Activision and Vivendia merged creating Activision Blizzard and sending all the IPs Activision's way.
So there is some video game history for everyone since so many people are clueless in this thread.
Here is the history of the developers/publishers for the Crash series.
The first four Crash Bandicoot games were developed by Naughty Dog.
Crash Bash was developed by Eurocom.
Crash Bandicoot: The Wrath of Cortex and Crash Twinsanity were developed by Traveller's Tales and its division Traveller's Tales Oxford, respectively.
Crash Bandicoot: The Huge Adventure (Crash Bandicoot XS in Europe), Crash Bandicoot 2: N-Tranced, Crash Nitro Kart and Crash Bandicoot Purple: Ripto's Rampage (Crash Bandicoot Fusion in Europe) have all been developed by Vicarious Visions.
Crash Tag Team Racing, Crash of the Titans and Crash: Mind Over Mutant were developed by Radical Entertainment and
Crash Boom Bang! was developed by Dimps.
The first five Crash titles were published by Sony as well as the games being produced by Universal Interactive Studios.
Wrath of Cortex was published by Konami and Universal Interactive Studios.
All of the other Crash titles were published by Universal Interactive Studios (now known as Vivendi Games).
Konami also published and distributed some Japanese-released Crash Bandicoot games for the Japanese Market.
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