Bankruptcy Auction Ends THQ
Ubisoft, Take-Two, Koch Media and others have all claimed pieces of THQ.
Hopes of keeping THQ intact and functioning have come to an end, as the bankruptcy auction that began yesterday has resulted in the company being broken up and sold off in pieces. According to Distressed Debt Investing, which has been following the THQ bankruptcy process, the company's studios and IPs were sold as follows:
Relic - purchased by Sega for $26 million
Volition - purchased by Koch Media for $22.3 million
Evolve (IP) - purchased by Take-Two for $11 million
Metro (IP) - purchased by Koch Media for $5.8 million
South Park (IP) - purchased by Ubisoft for $3.2 million
THQ Montreal - purchased by Ubisoft for $2.5 million
Homefront (IP) - purchased by Crytek for $500,000
In a letter to THQ employees, CEO Brian Farrell and President Jason Rubin said they expected that most employees of sold properties will be offered jobs by their new owners but warned that not everyone will be picked up and that the terms of employment for those that are may well be different. Employees of entities that are not part of the sale will be laid off. Among those assets are Darksiders studio Vigil Games and "some other intellectual properties."
"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," the letter states. "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."
Source: Distressed Debt Investing [http://kotaku.com/5978429/this-is-the-letter-that-thq-sent-to-employees-today] (Twitter)
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Ubisoft, Take-Two, Koch Media and others have all claimed pieces of THQ.
Hopes of keeping THQ intact and functioning have come to an end, as the bankruptcy auction that began yesterday has resulted in the company being broken up and sold off in pieces. According to Distressed Debt Investing, which has been following the THQ bankruptcy process, the company's studios and IPs were sold as follows:
Relic - purchased by Sega for $26 million
Volition - purchased by Koch Media for $22.3 million
Evolve (IP) - purchased by Take-Two for $11 million
Metro (IP) - purchased by Koch Media for $5.8 million
South Park (IP) - purchased by Ubisoft for $3.2 million
THQ Montreal - purchased by Ubisoft for $2.5 million
Homefront (IP) - purchased by Crytek for $500,000
In a letter to THQ employees, CEO Brian Farrell and President Jason Rubin said they expected that most employees of sold properties will be offered jobs by their new owners but warned that not everyone will be picked up and that the terms of employment for those that are may well be different. Employees of entities that are not part of the sale will be laid off. Among those assets are Darksiders studio Vigil Games and "some other intellectual properties."
"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," the letter states. "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."
Source: Distressed Debt Investing [http://kotaku.com/5978429/this-is-the-letter-that-thq-sent-to-employees-today] (Twitter)
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