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THQ is no more: Assets sold off, Vigil may not survive


THQ is no more. The company has tonight had it assets auctioned off to various other publishers, although it seems so far that not all of its development studios have made it.

So far we know that Sega has 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 take over Evolve, and Ubisoft has snapped up THQ Montreal and the South Park game.

A letter from CEO Brian Farrell and President Jason Rubin explains in more detail what staff have been told.

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 willcontinue 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

We are obviously very sad to see THQ go. We have been big advocates of their work for year's, especially for titles such as Saints Row and Darksiders. Hopefully THQ will find a buyer for the remaining assets and studios, but either way we wish all the staff affect luck in their future endeavors.


*Update*

DDInvesting has posted the prices apparently paid for the individual properties. They are as follows (US Dollars:

500k Homefront (Crytek)
26M for Relic (Sega)
2.5M for THQ Montreal (Ubisoft)
3.2M for South Park (Ubisoft)
11M for Evolve (Take-Two)
22.3M for Volition (Koch Media)
5.8M for Metro (Koch Media)

Edited On 23 Jan, 2013

Comments
( 50 )
Dead's avatar
Dead 4 years ago
Not a great result, but I suppose none of it has gone to EA or Activision. Just hope Ubisoft don't do anything to mess up South Park.
Anonymous user's avatar
Agreed, still I don't hold Ubisoft much higher than EA/Activision and will be pissed if they do anything to fuck it up.
Scot 4 years ago
Artemisthemp's avatar
Guess this mean 360 can wave bye bye to exclusive DLC, since Ubisoft like PS3 better (look Assassin's Creed)
Artemisthemp 4 years ago
agman's avatar
agman 4 years ago
and whos going to make wwe games???????
Silly Billy's avatar
Anyone who wants to buy the licence from the WWE.
Silly Billy 4 years ago
iMerle iDixon's avatar
LOL pretty much, I wonder who'll be supplying my crack this year.
iMerle iDixon 4 years ago
Pyroloveridge's avatar
i would imagine EA would snap this up i read somewhere they had, i think it was Joe's Twitter feed
Pyroloveridge 4 years ago
troublemaker's avatar
troublemaker 4 years ago
As someone said above. At least EA haven't gotten their grubby hands on anything from there. RIP THQ, You'll be missed
Anonymous user's avatar
Christopher 4 years ago
As I see it Relic are in very good hands with Sega. Homefront is also in good hands with Crytek Evolve in good hand with Take Two Not sure about Saints Row and Metro with Koch Media, but hopefully they don’t screw these games up Ubisoft and the South park Game hopefully turns out to be a good deal The sad news WWE will end up with EA, they’ll end up doing something terrible with it
Anonymous user's avatar
I've never heard of Metro and Koch Media, I'm really disappointed that Ubisoft managed to get South Park (not sure I can buy it now), delighted that so far EA haven't dug their claws into anything.
Scot 4 years ago
Artemisthemp's avatar
Koch Media are the company, that made Dead Island
Artemisthemp 4 years ago
Robichoico's avatar
Robichoico 4 years ago
Sony could use Vigil to improve God of War. Or Nintendo could use them to help out on any future Zelda games. But meh. The only other one I care about is South Park. And with Ubisoft buying it I can now hope again that it'll appear on Wii U.
PrometheusFan's avatar
Problem is any one God of War game is better than both of the excrable Darksiders games put together, so I doubt they could do much improving there.
PrometheusFan 4 years ago
Silly Billy's avatar
Hahahahahahaha
Silly Billy 4 years ago
Loli-Nox-Tan's avatar
Well your opinion is your opinion but I never liked the God of War games but I love Darksiders so in my opinion the Darksiders franchise is better than all God of War games put together.
Loli-Nox-Tan 4 years ago
PrometheusFan's avatar
I know how opinions work thanks, and judging by sales figures and franchise stamina I daresay mine is the one shared by the majority in this case... not that that validation means anything really but I feel it's worth observing.
PrometheusFan 4 years ago
Robichoico's avatar
Sales =/= better game at all.
Robichoico 4 years ago
Pyroloveridge's avatar
I wasn't a fan of GOW either really, but PlayStation does not have many exclusives and the GOW franchise has been around for a long time and also has a massive following. Darksiders was one of the most underrated and underplayed games and frankly it was a triumph. Dk2 not so much... all the subsequent sequels to GOW felt exactly the same to me it just didn't seem to progress either.. Both games need someone to come in and do something amazing; fingers crossed for the new GOW, the multiplayer looks sharp. besides you cannot base a game on sales otherwise that means any one of the call of duty games are the best games ever made.... which they are most definitely not!
Pyroloveridge 4 years ago
Dead's avatar
ROFL

Not the sales argument again, that old chestnut always makes me laugh.
Dead 4 years ago
PrometheusFan's avatar
"“ Sales =/= better game at all. ”" So what does then? Because that's the only real measure available to gauge reception and/or perception of these games. I mean, God of War 1-3, the first sold great and the sequels each did better than the previous release. Darksiders? Mediocre to average sales and it's sequel still sold considerably worse. I could also point to reviews of both series as a measure I guess, but Metascores are less than useless imo. If you have a better method for deciding on such a thing though... by all means...
PrometheusFan 4 years ago
Artemisthemp's avatar
@Pyro stop trolling. PS3 have a lot of Exclusive.
Artemisthemp 4 years ago
DynamiteWhyte's avatar
DynamiteWhyte 4 years ago
EA's last fighting game was EA MMA and it was a good game so you never know what they could do with a WWE game. They've also basically got the UFC from THQ too, so they'll hopefully be able to get the brand recognition that the EA MMA deserved, so I'm happy with that.
PrometheusFan's avatar
PrometheusFan 4 years ago
Vigil now officially dead apparently. Sad for the guys who'll lose their jobs, but I can't say I'll personally miss them. Saints Row seems a good fit for the people who commisioned a statue of a woman's mutilated torso as a Dead Island 2 "bonus" for the Xbox special edition though...
Anonymous user's avatar
ADAM 4 years ago
THQ has been one my favourite game developers.Hopefully at some point Koch Media now owning Volition will make another Punisher game(unlikely)
DynamiteWhyte's avatar
DynamiteWhyte 4 years ago
IGN reporting that WWE games should have a new home with 2k. Brilliant news that.
Warblo's avatar
Warblo 4 years ago
It's a shame because i was kinda hoping they would continue the 4 horsmen series. darksiders 1 and 2 were good games to play.
Warblo's avatar
Warblo 4 years ago
It's a shame because i was kinda hoping they would continue the 4 horsmen series. darksiders 1 and 2 were good games to play.
Artemisthemp's avatar
Darksiders 1 was better than 2 game
Artemisthemp 4 years ago
Warblo's avatar
Warblo 4 years ago
It's a shame because i was kinda hoping they would continue the 4 horsmen series. darksiders 1 and 2 were good games to play.
LFC Bywater's avatar
LFC Bywater 4 years ago
Atleast it says most people are likely to keep there jobs. Hoping that Ubi don't cock up South park also. Will be interesting to see what happens with WWE games, THQ servers were terrible for that game. I know EA's arnt much better but they are a bit, but if 2K get them i will be much happier. Will be interesting to see what Koch media will do with the Saints Row franchise also
Warblo's avatar
Warblo 4 years ago
It's a shame because i was kinda hoping they would continue the 4 horsmen series. darksiders 1 and 2 were good games to play.
Warblo's avatar
Warblo 4 years ago
It's a shame because i was kinda hoping they would continue the 4 horsmen series. darksiders 1 and 2 were good games to play.
LFC Bywater's avatar
LFC Bywater 4 years ago
Yeh Take two have got WWE. Ideal, probably better for the WWE game's than when they were with THQ.
Tw33ks's avatar
A lot better, Take Two's quality control is second to none as they don't publish games that aren't at least good. I mean their biggest dud in years BioShock 2 was still good, not great like the first but still good. THQ as much I loved the games unfortunately had a checkered past as far as quality control was concerned, so Take Two is a huge step up for that series.
Tw33ks 4 years ago
Deltadee's avatar
Deltadee 4 years ago
This really is a shame , some great games have came from THQ :(
LFC Bywater's avatar
And hopefully they still will, just from other studios
LFC Bywater 4 years ago
Anonymous user's avatar
Garrick 4 years ago
Oh hell! I'm another one who hopes they don't ruin South Park. The Stick of Truth is one of my most anticipated games of the year.
Pyroloveridge's avatar
and mine, shame there is no Pre order DLC from Shopto though
Pyroloveridge 4 years ago
Anonymous user's avatar
Well it should be in good hands with Ubisoft at least. I'm sure Matt and Trey won't allow anything bad to happen to their own franchise either way, given their involvement with the game.
Garrick 4 years ago
Anonymous user's avatar
Rachael 4 years ago
This isnt good news :( atleast all of the studios still have work, albeit under different publishers. good for us that we wont be missing out on great games too.
Robichoico's avatar
Robichoico 4 years ago
Wasn't there some sort of big thing to come from this with South Park Studios suing because of the contract with THQ?
Pyroloveridge's avatar
Pyroloveridge 4 years ago
RIP Vigil to many board members at THQ not knowing how to conduct business, i mean its not like the games didn't have good sales? all i can think is it comes down to poor management
Robichoico's avatar
From what I've gathered Vigil Games may very well be purchased by Platinum Games. Dunno how true that is however. But I do remember a news thing (maybe it was on here?) saying that THQ were disappointed by Darksiders 2 sales.
Robichoico 4 years ago
Tw33ks's avatar
Platinum are interested in the Darksiders IP and have offered a hand to any Vigil staff that want to work for them. They aren't buying Vigil though as far as I'm aware as they can't afford a $20 million buy out, what they can afford is $2 million for an IP.
Tw33ks 4 years ago
rick75fowler's avatar
rick75fowler 4 years ago
Yet another company to fall and does it really matter who takes over,the main thing is these people have got a job to go to and should be tuped over to the new company's
0000000000's avatar
0000000000 4 years ago
vigil games may not survive :( its the end of darksiders and that makes me very very sad! damn u THQ your management must be shocking with the sales you have! stay away EA/Activision like many people have said u will ruin everything! bet EA snatch WWE up
Bindiana's avatar
Bindiana 4 years ago
I would of thought Activision would of gone for saints Row not sure how I feel about KOCH media getting it. WWE licence would have to been agreed with Vince Mcmahon so probably wasnt for sale in the auction and a seperate deal would of been done for it.
Tw33ks's avatar
Take Two are after the WWE licence and they may have already acquired it at time of writing this. Koch should be a good fit as they only bought things they were fans of, so Koch won't be in the business of hindering things as in the end they want to play Saints Row 4 themselves as Volition intended.
Tw33ks 4 years ago
FizzyDuck's avatar
FizzyDuck 4 years ago
Very surprised Saint's Row went to Koch Media. Was sure Ubisoft or Activision would go for it.
Kizzy's avatar
Kizzy 4 years ago
Really hope Virgil will be okay....Really love Darksiders :(

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