Pro Wrestling Since 1997


THQ Is No More


Today, THQ was officially sold and auctioned off. Within the next few weeks, the company will be no more.

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

Here’s the letter that THQ’s CEO and president sent to all employees, passed along to us from a former THQ employee:

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.


Brian Farrell
Chief Executive Officer

Jason Rubin

Post Category: News


6 Responses

  1. Vegeta says:

    so where does wwe future games fit into the picture since thq was doing their games?

  2. rhbd says:

    rumor sites are stating that ea sports are/have purchased the rights…prepare for jim ross ’14

  3. Vegeta says:

    if that’s the case that would be good,cuz look at the great job ea sports has done for the nhl,nba & nfl games over the years

  4. Captain Ass says:

    Damn shame, because it took all this time for THQ to hit a home run with WWE 13. We’ll see how the new company does. Cross your fingers for the future of WWE games.

    Click on my name and join where it takes you!

  5. Urvy says:

    IGN said that Take-2 Interactive (owners of Rockstar Games and 2K Games) would buy the WWE Game series, but the WWE Game rights were not part of the auction, but this could be interesting.

  6. AJ Starr says:

    Captain… did you say they hit a home run with WWE 13?

    The game is unfinished, untested, and they came out and said they could not fix the massive amount of issues they screwed up on, which were perfectly fine in WWE 12.

    If you think hitting a home run includes the ref never hitting a 2 count against the AI unless you get the full 3 count… wrestlers freezing… over a dozen reports of the game corrupting people’s hard drives from freezing up… well then, they sure hit a home run!

    A nicer group of people could not be heading to the unemployment line!

    UFC 3 destroyed my old PS3, froze up, crashed the system and would not recover. Others had this happen as well. WWE 13 did the same thing.

    THQ and Yukes owe about 30 people (just reported on their own forums,) new PS3’s from their own incompetence.

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