Login

THQ will be broken apart and sold to Sega, Ubisoft, and others, CEO announces

Darksiders II Death

Games company THQ has just announced that it will be effectively dissolved, its assets sold off to former competitors. In a letter sent from CEO Brian Farrell and President Jason Rubin to THQ employees and published at Polygon, the company said that it considered both an original bid from Clearlake Capital Group, which would have purchased its assets wholesale, and competing ones for individual franchises. Ultimately, it decided that "separate-asset bids would net more than a single buyer for the majority of the company." As a result, the following sales were reached, for a total of $70 million if approved:

  • Sega will buy Relic, known for Company of Heroes and Warhammer 40K
  • Crytek will buy the Homefront franchise
  • Ubisoft will buy THQ Montreal and South Park assets
  • Take 2 will buy the "Evolve" assets
  • Koch Media will buy Volition (of Saint's Row fame) and Metro: Last Light assets

The company's publishing business, along with Darksiders developers Vigil, will remain with THQ during the bankruptcy proceedings, and the company says it will attempt to find buyers at a later date. The bankruptcy court will still have to approve the sale, but THQ seems confident it will proceed, saying sales are expected to close this week.

Employees who worked at the companies that were sold off could be hired back by new management, but almost everyone else has been laid off, a far cry from the original plan. "We were hoping that the entire company would remain intact," the letter reads, "but we expect to hear good news from each of the separate entities that will be operating as part of new organizations."

Update: Updated with detail from Polygon.

The Verge
X
Log In Sign Up

forgot?
Log In Sign Up

Forgot password?

We'll email you a reset link.

If you signed up using a 3rd party account like Facebook or Twitter, please login with it instead.

Forgot password?

Try another email?

Almost done,

Spinner

Authenticating

Great!

Choose an available username to complete sign up.

In order to provide our users with a better overall experience, we ask for more information from Facebook when using it to login so that we can learn more about our audience and provide you with the best possible experience. We do not store specific user data and the sharing of it is not required to login with Facebook.