THQ dissolved

Bankrupt publisher to be broken apart, with games and studios sold to Sega, Koch Media, Crytek, Take-Two, and Ubisoft.


THQ is no more. The company will be broken apart and its games sold to at least five different companies, according to a letter sent to employees today from CEO Brian Farrell and president Jason Rubin. Kotaku obtained the letter, which further states THQ is currently presenting its case to the US Bankruptcy Court.

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The proposed sale, including sales figures and backup bidders for each, is below.

Relic Entertainment and Company of Heroes franchise
Winning bid: $26.6 million - Sega Corporation
Backup bidder: $26.3 million - Zenimax Media

THQ Montreal, including 1666 and Underdog
Winning bid: $2.5 million - Ubisoft
Backup bidder: None

Evolve aka Metamorphosis
Winning bid: $10.894 million - Take-Two Interactive
Backup bidder: $250,000 - Turtle Rock Studios, Inc.

Volition and Saints Row franchise
Winning bid: $22.3 million - Koch Media
Backup bidder: $5.4 million - Ubisoft

Homefront franchise
Winning bid: $544,218 - Crytek
Backup bidder: None

Metro franchise
Winning bid: $5,877,551 - Koch Media
Backup bidder: $5.175 million - Ubisoft

South Park: The Stick of Truth
Winning bid: $3,265,306 - Ubisoft
Backup bidder: None

The fate of the Darksiders franchise and its developer, Vigil Games, is unknown. Farrell and Rubin said, "We will make every effort to find appropriate buyers, if possible."

The formal THQ auction document reveals an unannounced game from THQ Montreal called "Underdog." This is in addition to the company's still-unannounced "1666" and could be a working title.

The document also suggests that High Voltage Software (The Conduit) is working with Volition Inc. on development on Saints Row 4, though it is not clear in what capacity.

Farrell and Rubin said most employees included in the sale will be offered jobs by their new owners. However, this is not a certainty, and "there will likely be some positions that will not be needed under the new ownership," they said.

All employees of a company not included in the sale will be out of a job. A "small number" of staff at THQ headquarters in Agoura Hills, California, will remain employed beyond January 25 to assist in the transition.

"While the company will cease to exist, we are heartened that the majority of our studios and games will continue under new ownership," Farrell and Rubin said. "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," they said.

Separately, THQ bankruptcy representatives told GameSpot today that an official announcement will be made once it has approval from the court and from the company's lawyers. No specific timetable was provided.

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