THQ Officially Sold, Will Be Gone in Weeks

The THQ saga has come to a close: the company was officially sold today in auction, and within the next few weeks, will cease to exist.

The company’s assets have been divided: Sega purchased Relic (Company of Heroes), Koch Media purchased Volition (Saint’s Row) and the Metro property, Crytek purchased Homefront, Take-Two purchased Evolve, and Ubisoft purchased THQ Montreal and the South Park game.

A simple tweet by Relic developer Kyle Berndt, stating “I now work for Sega. Neat,” confirms the news, revealed by Kotaku through a letter that THQ’s CEO and president sent to all employees. The complete letter follows.


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:

  • 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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10 Comments on THQ Officially Sold, Will Be Gone in Weeks

Menthro

On January 23, 2013 at 12:52 pm

Gentlemen, it was an honor playing your games.

Mike

On January 23, 2013 at 1:19 pm

Crytek purchased Homefront

Good, maybe they can give it the tlc it needs to actually be good.

Wait, who got the Darksiders franchise?

Axetwin

On January 23, 2013 at 2:01 pm

The next big news item is going to be Ubisoft vs South Park Studios. SPS is NOT happy with their game being sold since apparently they were under the impression that the contract stated they would have the option to buy the game from THQ should the company go under.

Knickers

On January 23, 2013 at 4:15 pm

Maybe I missed it but was there any word on what’s happening to the WWE series? Please don’t go to EA or Activision…

Ebalosus

On January 23, 2013 at 4:50 pm

Ah THQ, you will be missed
:(

Kyle Wolf

On January 23, 2013 at 8:17 pm

The Koch brothers are gonna make money off of Metro.

Red Menace

On January 23, 2013 at 11:28 pm

Aaaaaaaaaand it’s gone.

quicktooth

On January 24, 2013 at 12:07 am

Most of my favourite games come from THQ. And a lot of those are Warhammer 40000 games. I’m sad the company’s going under.

Axetwin

On January 24, 2013 at 12:39 am

@Knickers – Rumor is WWE games will now be handled by 2K/Take Two.

Knickers

On January 24, 2013 at 4:50 am

@Axetwin – thanks for that, this has now been confirmed by several sources. 2K has a good record with sports games so this was a very good outcome, plus Yukes is presumably still developing it. If EA had purchased the license, I dread to think what the next game would be like.