"THQ is no more."

Quote :

THQ was officially sold and auctioned off today and will no longer be around in the coming weeks.

Below is a letter from THQ's CEO and president sent to all employees.

To All THQ Employees:

We now have the answers we've been seeking through our financial restructuring and Chapter 11 case. While much will be written, here are the facts of the bids and auction that occurred:

Yesterday morning, we received a competing bid for the operating business, along with Clearlake's offer, and numerous offers for separate assets.

During an auction process that lasted over 22 hours, the final conclusion was that the separate-asset bids would net more than a single buyer for the majority of the company.

Shortly, we will, present the results to the U.S. Bankruptcy Court, which must concur with our assessment.

The proposed sales of multiple assets is as follows:

- Sega agreed to purchase Relic

- Koch Media agreed to purchase Volition and Metro

- Crytek agreed to purchase Homefront

- Take 2 agreed purchase Evolve

- Ubisoft agreed to purchase Montreal and South Park

We expect these sales to close this week.

Some assets, including our publishing businesses and Vigil, along with some other intellectual properties are not included in the sale agreements. They will remain part of the Chapter 11 case. We will make every effort to find appropriate buyers, if possible.

What this means for employees

We expect that most employees of the entities included in the sale will be offered employment by the new owners. However, we cannot say what these owners may intend, and there will likely be some positions that will not be needed under the new ownership. You should receive notice this week or early next week if the new owners intend to extend employment to you. Please note that the terms of your new employment, including pay and benefits, may be different from the current terms of your employment with THQ.

If you are an employee of an entity that is not included in the sale, we regret that your position will end. A small number of our headquarters staff will continue to be employed by THQ beyond January 25 to assist with the transition. THQ has sufficient resources to pay these employees for work going forward, and we will be contacting these employees immediately to ensure their continued employment during this transition period. We are requesting the ability to offer certain severance pay to minimize disruption for employees of non-included entities as they determine the next steps in their careers.

We know you will have many questions about this news. We'll be meeting tomorrow when we return to talk through this announcement and to answer any questions you have. You will receive a benefits fact sheet and FAQs with answers to some questions that may be on your mind. Please review these materials closely.

A personal note

The work that you all have done as part of the THQ family is imaginative, creative, artistic and highly valued by our loyal gamers. We are proud of what we have accomplished despite today's outcome.

It has been our privilege to work alongside the entire THQ team. While the company will cease to exist, we are heartened that the majority of our studios and games will continue under new ownership. 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.

Thank you all for your dedication and for sharing your talent with the THQ team. We wish you the best of luck and hope you will keep in touch.

Sincerely,

Brian Farrell
Chief Executive Officer

Jason Rubin
President

http://smacktalks.org/news/article/7119/thq-is-no-more-letter-from-ceo/

Posted January 23rd, 2013
By Smacktalks
Source: Kotaku

For anyone wondering, Volition is the Saints Row franchise. It's also strongly rumored that EA purchased the WWE license last week, they also own the AKI engine, used on No Mercy and games like that).

Looks like we're either going to get one more game with the Predator Tech, or wait for next year for a complete overhaul. As long as the servers are still up, I don't really care.

Arch wrote:

Looks like we're either going to get one more game with the Predator Tech, or wait for next year for a complete overhaul. As long as the servers are still up, I don't really care.

I just hope EA doesn't cut off servers for some of the older WWE Games if they do in fact get the WWE license. I still like playing SVR07 and SVR10 with my friends who still have the games.

Could be that WWE will open up their own game studio and just produce their own games.

WWE Video Game License to be Acquired by Take Two

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The era of THQ wrestling games is over. Sources have indicated to IGN that the WWE game franchise will be sold to Take Two, parent company of 2K. Terms of the sale are unknown at this time, as details have not been finalized. These negotiations appear to have taken place outside THQ's formal auction process.

This news comes as THQ assets have been divided among several different publishers, pending court approval.

For more on WWE games, and THQ's future, stay tuned to IGN - official announcements are expected as soon as tomorrow.

2k has offically bought the rights to WWE *EPIC CHEERS* anyone but EA... and 2k football was so much more fun then madden i was sad when EA bought the license from under 2k