THQ’s Auction is Over – Here’s What Happened

THQ_Logo copy

THQ has officially sold it’s assets, as stated in an employee email sent out by THQ’s president this morning. It’s pretty sad, really, as THQ was what I considered one of the last “good” publishers out there, not succumbing to online passes and scummy techniques. The assets sold are as followed:

  • Sega has purchased Company of Heroes Dev Relic
  • Koch Media (the owners of Dead Island dev Deep Silver) have purchased Volition, creators of Saints Row, and the Metro property.
  • Take-Two is purchasing the unannounced game Evolve
  • Ubisoft is taking THQ Montreal as well as the upcoming South Park Game.
  • Crytek is purchasing Homefront.

The letter in full is quoted below:

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 Park

We 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 employees

We 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 note

The 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 Officer

Jason Rubin
President

 


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Author: Austin Griffith View all posts by
Austin Griffith is LevelSave.com's Reviews Editor. He began gaming young with Pokemon Silver and Banjo-Tooie and hasn't stopped since. You can find him on Twitter @AustinG909 and on Xbox Live at iKarmakazi. You can email him directly at AustinGriffith@LevelSave.com

10 Comments on "THQ’s Auction is Over – Here’s What Happened"

  1. Chris Lock January 24, 2013 at 10:14 pm - Reply

    I could not find confirmation that Volition and Saints Row were a package deal. So I asked Aubrey Norris of Deep Silver if this was the case. She responded- “yes! :)” so that is a good thing. Volition is a great studio but I need me some more Saints Row!

  2. Chris Lock January 23, 2013 at 3:39 pm - Reply

    Saints Row 3 had an online pass.

    I also notice that although Koch bought Volition, no one seems to have purchased the Saints Row liscense. Are they a bundle? It doesn’t seem that way from the email.

    Really, realy sad to see THQ go out like this.

    • (austin) January 23, 2013 at 5:15 pm - Reply

      It did? Are you sure?

      • IamWeapon January 23, 2013 at 5:52 pm - Reply

        So did Space Marine.

        • (austin) January 23, 2013 at 6:07 pm - Reply

          Well, I stand corrected.

      • Chris Lock January 23, 2013 at 6:35 pm - Reply

        Yes, I had to re-download it not three days ago.

    • Timothy Wedel January 23, 2013 at 5:26 pm - Reply

      The way I understand it is they also get everything Volition was working on.

  3. Timothy Wedel January 23, 2013 at 1:33 pm - Reply

    The fact that nobody has bid on Vigil Games is tragic. Darksiders is one of the best, most original series this generation.

    • IamWeapon January 23, 2013 at 3:06 pm - Reply

      I agree, Darksiders is really fantastic. I hope it just doesn’t disappear into the ether.

      • Timothy Wedel January 27, 2013 at 6:03 pm - Reply

        It is starting to look more and more like that is the case .:( I hope if someone does pick up Darksiders they buy the studio as well. It is Vigils one and only baby and It’ll be fantastic if they are able to see the series through to the end.

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