U.S. Bankruptcy Court grants motion to approve sale of THQ assets
The U.S. Bankruptcy Court has granted a motion to approve a sale of the majority of THQ's assets to multiple buyers, many of which were revealed yesterday. According to a press release today, under the terms of the agreements with the successful and approved bidders, the THQ estate will receive "approximately $72 million". This brings the total estimated value of the estate to $100 million including "certain assets and other intellectual properties which were excluded from the sale." -- Darksiders developer Vigil being one of them.
Below are the official court approved sales:
- SEGA purchased Relic Studios for $26.6 million
- Metro: Last Light sold to Koch Media for $5.9 million
- Volition Inc. -- developers of Saints Row and Red Faction -- sold to Koch Media for $22.3 million (read Koch Media's official response)
- Homefront 2 sold to Crytek for $0.5 million
- The secretive project, Evolve, sold to Take-Two Interactive Software, Inc. for $10.9 million
- THQ Montreal and South Park: The Stick of Truth sold to Ubisoft LLC for $2.5 million and $3.3 million, respectively
Excluded from the sales were the company's publishing businesses, Vigil Games, and certain other assets and intellectual properties, which will remain part of the THQ estate and will continue in the Chapter 11 process.
Brian Farrell, Chairman and CEO of THQ, said, "While we had hoped that the restructuring process would allow the company to remain intact, I am heartened that the majority of our studios and games will continue under new ownership. It has been my pleasure to work alongside this great group of people, and I am proud of the imaginative and artistic games that our team has created. Although we will no longer be able to work together with a unified mission, I am confident that the talent we have assembled will continue to make an impression on the video game industry. For those whose positions are not likely to continue, I sincerely regret this outcome and we will be meeting with you over the next few days to discuss the transition."
THQ's newly acquired President Jason Rubin echoed the sentiment. "I was brought in eight months ago to help turn this ship around, and while I'm disappointed that we could not effect a sale for the entire operating business, I am pleased that the new buyers will be providing jobs to many of our very talented personnel. When we first announced the sale process, I said I would be happy if the company's games and people had a bright future, even if it meant I did not have a job at the end of it. And I still feel that way."
The new owners of these "assets" have not not articulated their plans, or their intentions to extend employment to THQ employees included in the sales, though THQ does expect most of these employees to have jobs continuing development of the games purchased. Unfortunately, those at Vigil games were just some of the casualties of bankruptcy. THQ will continue to seek appropriate buyers for the assets that weren't sold off, if possible.
THQ will continue to employ a small number of headquarters staff beyond January 25 to assist with the transition.