Wednesday, January 23, 2013

THQ Chopped Into Tiny Pieces, Scattered To The Winds

Bankrupt Agoura Hills-based videogame publisher THQ has been chopped up into pieces, and scattered to the winds, after an auction sale of the firm's assets Wednesday. According to a letter to THQ employees from CEO Brian Farrell, obtained by Kotaku, THQ did not go to a single bidder in a 22 hour auction process yesterday--and instead, will be going to multiple bidders. The letter said that Sega agreed to purchase Relic; Koch Media agreed to purchase Volition and Metro; Crytek agreed to purchase Homefront; Take 2 agreed purchase Evolve and; Ubisoft agreed to purchase Montreal and South Park. THQ had hoped to sell THQ to Clearlake Capital or another buyer, but apparently found that the separately sold assets would net more than a single buyer. Farrell said that THQ now expects those sales to close this week. THQ said that employees not included in the sale would lose their jobs. THQ filed for bankruptcy in December.

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