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It's not clear what Bungie's next project will be once they finish Halo: Reach. However, we do know the publisher: Activision.
Activision will be the exclusive publisher and distributor for all games based on Bungie's "next big action game universe" for the next ten years. The press release mentions that the agreement extends to "multiple platforms and devices." Expect a lot more "OMG Bungie on the PS3!!" chatter as a result of that little snippet.
Bungie still remains an independent studio and will retain ownership of the IP. The latter point seems particularly important in light of recent events. The ousted leaders of Modern Warfare 2 studio Infinity Ward are locked in a legal battle with Activision over the rights to the MW franchise.
In case you're wondering, the guys in the picture on the right are Activision Blizzard COO Thomas Tippl and Bungie president Harold Ryan. Don't they look adorable together?