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THQ is No More, Assets Have Been Sold Off

For the past year, THQ had been struggling to keep its doors from closing. A bad investment in the uDraw and the failure of its titles to compete with the likes of blockbusters from larger publishing companies, the publisher was unable to pull itself out of the red. Despite its executive's best efforts to keep the company afloat, first with a reverse stock-split option to prevent a delisting from NASDAQ, and then an attempt at a quick fire sale that was later denied by a judge, THQ is no more.

The publisher's assets have been auctioned off to various sellers, which were announced in a letter that THQ CEO Brian Farrell and THQ President Jason Rubin sent out to their former employees:

To All THQ Employees:We now have the answers we've been seeking through our financial restructuring and Chapter 11 case. While much will be written, here are the facts of the bids and auction that occurred t:§ Yesterday morning, we received a competing bid for the operating business, along with Clearlake's offer, and numerous offers for separate assets.§ During an auction process that lasted over 22 hours, the final conclusion was that the separate-asset bids would net more than a single buyer for the majority of the company.§ Shortly, we will, present the results to the U.S. Bankruptcy Court, which must concur with our assessment.§ The proposed sales of multiple assets is as follows :§ Sega agreed to purchase Relic§ Koch Media agreed to purchase Volition and Metro§ Crytek agreed to purchase Homefront§ Take 2 agreed purchase Evolve and§ Ubisoft agreed to purchase Montreal and South ParkWe expect these sales to close this week.Some assets, including our publishing businesses and Vigil, along with some other intellectual properties are not included in the sale agreements. They will remain part of the Chapter 11 case. We will make every effort to find appropriate buyers, if possible.What this means for employeesWe expect that most employees of the entities included in the sale will be offered employment by the new owners. However, we cannot say what these owners may intend, and there will likely be some positions that will not be needed under the new ownership. You should receive notice this week or early next week if the new owners intend to extend employment to you. Please note that the terms of your new employment, including pay and benefits, may be different from the current terms of your employment with THQ.If you are an employee of an entity that is not included in the sale, we regret that your position will end. A small number of our headquarters staff will continue to be employed by THQ beyond January 25 to assist with the transition. THQ has sufficient resources to pay these employees for work going forward, and we will be contacting these employees immediately to ensure their continued employment during this transition period. We are requesting the ability to offer certain severance pay to minimize disruption for employees of non-included entities as they determine the next steps in their careers.We know you will have many questions about this news. We'll be meeting tomorrow when we return to talk through this announcement and to answer any questions you have. You will receive a benefits fact sheet and FAQs with answers to some questions that may be on your mind. Please review these materials closely.A personal noteThe work that you all have done as part of the THQ family is imaginative, creative, artistic and highly valued by our loyal gamers. We are proud of what we have accomplished despite today's outcome.It has been our privilege to work alongside the entire THQ team. While the company will cease to exist, we are heartened that the majority of our studios and games will continue under new ownership. We were hoping that the entire company would remain intact, but we expect to hear good news from each of the separate entities that will be operating as part of new organizations.For those THQ employees who are part of entities that are not included in the sale, we are confident that the talent you have displayed as part of THQ will be recognized as you take the next steps in your career.Thank you all for your dedication and for sharing your talent with the THQ team. We wish you the best of luck and hope you will keep in touch.Sincerely,Brian Farrell Chief Executive OfficerJason Rubin President

Unfortunately, the letter doesn't specify whether or not buyers have picked up THQ's IPs (beyond the ones specified) with their respective developers. Hopefully, that's certainly the case. It would be a shame if franchises like Saint's Row and Company of Heroes were left behind.

For now, it also appears that Vigil Games, the developers behind Darksiders, has yet to be picked up buy a buyer.  

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  • eklipz330
    this is the worst news i've heard since rare got bought out by microsoft... my faith for gaming relies with mostly indie developers now... the big names are churning out games just for profit, and don't dare try something new...
    Reply
  • DarkSable
    Sigh. It was impossibly to deny that this was coming, but it makes me sad.

    On the other hand, Iron Lore is already long gone, and they were one of the best parts of THQ.
    Reply
  • wolley74
    ankit0x1Koch Media...pls dont ruin our METRO franchise
    or Saints Row, sadly I see them going downhill, have you seen the games they've had?
    Reply
  • shotgunz
    Sega purchases relic... Does that mean hedgehogs in company of heroes?

    I hope Sega won't ruin company of heroes.
    Reply
  • calmstateofmind
    Damn you uDraw...
    Reply
  • blppt
    COH was awesome...loved that game. Heres hoping they keep the next one on track.
    Reply
  • fnh
    shotgunzSega purchases relic... Does that mean hedgehogs in company of heroes?I hope Sega won't ruin company of heroes.
    But hedgehogs do exist in COH!

    The metal, tank-obstacles one that is.
    Reply
  • ipwn3r456
    I am really looking forward into Metro: Last Night from THQ. And now this happened. As I am an owner of the game Metro 2033, and it was a great game... Hope Koch Media won't ruined the game.

    Farewell THQ, you will be missed.
    Reply
  • A Bad Day
    ankit0x1Koch Media...pls dont ruin our METRO franchise
    I fear the last good things we may remember would be their trailers. God those are excellent, especially for a few that they made with the assistance of at least several hundred local residents.
    Reply
  • tomfreak
    sonic hedgehogs graffiti on CoH Tanks damn....

    Total War : Warhammer 40K edition.... oh my...
    Total War : CoH edition.... oh my....

    Assassin creed in south park.... what?
    Reply