After Google bought Motorola it maintained its original logo, which has now been branded with a Google colorful rainbow and the Google name. Google bought Motorola Mobility in 2011 for $12.5 Billion.
The all caps "MOTOROLA” has been replaced by gentler lower-case grey text, followed by the words “a Google company." Only the classic Motorola "M" remains with a rainbow circle around it.
When it first made the purchase Google claimed, "The acquisition of Motorola Mobility, a dedicated Android partner, will enable Google to supercharge the Android ecosystem and will enhance competition in mobile computing. Motorola Mobility will remain a licensee of Android and Android will remain open. Google will run Motorola Mobility as a separate business."
The purchase also gave Motorola access to vast library of Motorola patents.
The next Motorola smartphone is expected to the be the Motorola X. It will be interesting to see if the phone sports the new colorful logo and a more colorful loading screen.