Thanks to The Swollen Fox for noticing this update via the band’s (new) tumblr:

READING RAINBOW = BLEEDING RAINBOW

REASONS WE CHANGED OUR NAME FROM READING RAINBOW TO BLEEDING RAINBOW:

– We like the name Bleeding Rainbow better.
– It is trippy as shit.
– We didn’t want to get a cease and desist letter from PBS.
– We were sick of being named after a children’s t.v. show.
– We were sick of people fixating on it and making dumb jokes/comments about it. (even though it was our own damn fault.)
– Carrie Brownstein didn’t like the name Reading Rainbow.