Ladies and gentlemen, THQ as we know it no longer exists. Over the past month, THQ filed for chapter 11 bankruptcy as the company attempted to remain intact. Clearlake Capital Group offered to buy THQ’s assets for $60 million, but it was determined by the U.S. Bankruptcy Court that other companies would be allowed to bid on THQ’s assets as well. The court said Clearlake could only purchase the whole company if the individual bids from other buyers didn’t exceed Clearlake’s bid. It turns out Clearlake’s bid wasn’t high enough, and THQ is being broken up and sold separately.
According to a letter to THQ employees obtained by Kotaku, THQ president Jason Rubin and CEO Brian Farrell told employees where certain parts of the business is headed. Here’s the list so far.
- Relic Entertainment (Warhammer, Company of Heroes) is going to Sega.
- Volition (Saint’s Row, Red Faction) is going to Koch Media who publishes games under the Deep Silver label.
- Homefront is going to Crytek
- Evolve (an unreleased game) is going to Take-Two
- THQ Montreal and South Park is going to Ubisoft
The letter to employees noted Vigil and other intellectual properties have not been sold to any company yet.
The bankruptcy hearing is ongoing. We’ll update you on any new developments.