Thu, 24 Jan 2013, 9:44 am
by Rob Clegg, Do Gaming journalist
The bidding has closed and THQ has been sold. Companies like Ubisoft, Take Two, Sega, Crytek and Koch Media has all taken a share of THQ’s former properties.
Former president of THQ, Jason Rubin, sent out a company-wide email to confirm the sale of many of the THQ-owned studios as well as issued heartfelt thanks to all employees involved. The letter itself can be seen below, but first, let’s see who owns which franchises now.
- SEGA has bought Relic for $26 million (Company of Heroes 2, Warhammer series)
- Ubisoft has bought THQ Montreal including 1666 (IP) and Underdog (IP) for $2.5 million
- Take-Two Interactive has bought Evolve (IP) for $10.8 million
- Koch Media (Deep Silver) has bought Volition (studio responsible for Saints Row, Red Faction) and Saints Row (IP) for $22.3 million
- Crytek GmbH has bought Homefront (IP) for $544,218
- Koch Media (Deep Silver) has bought Metro (license) including 2033, 2034 for $5.8 million
- Ubisoft has bought South Park: The Stick of Truth (license) for $3.2 million
Two things you don’t see on that list that THQ are known for is the WWE license of wrestling games and Vigil Studios, responsible for the likes of Darksiders and Darksiders 2.
South Park: The Stick of Truth
A source suggests to IGN that the WWE wrestling license will head over to Take Two, parent company of 2K Games, which means the wrestling itself is in good hands. Vigil Games and the Darksiders licence however, have not been bought. Some of the other properties will be auctioned off at another date according to certain sources.
Zenimax Media, Bethesda parent company, has put in a backup bid for the Relic studio bid for the same price. This means that if the sale to Sega doesn’t go ahead, then Zenimax will take them. The same applies to Volition and Saints Row as Ubisoft put in the back-up bid there.
Brian Farrell, the Chief Executive Officer and Jason Rubin, the President, issued a letter to all their employees which can be found below.
Jason Rubin, THQ president
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
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.
Chief Executive Officer
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