If geeks love it, we’re on it

The end of THQ

The end of THQ

The end of THQ

Today an employee letter went out to everyone at THQ, from Brian Farrell and Jason Rubin:

January 23, 2013

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 and
  • 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

THQ employees already packing up

THQ employees already packing up

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

Here’s what it means for games that were currently under development with THQ:

  • Company of Heroes 2 just went to SEGA. We’re not sure what this means for the team working on it yet.
  • Metro Last Light and Saints Row goes to Koch Media, parent company of Deep Silver, publishers of Dead Island
  • Homefront goes to Crytek
  • South Park: Stick of Truth goes to Ubisoft, as well as the THQ Montreal team
  • “Evolve” goes to Take 2

Seeing an entire publishing company be dissolved is not something that happens very often in the gaming industry. THQ is a name with a lot of memories and nostalgia for a great many gamers.

To Bobby, Sledge, and our other friends at THQ: Sorry guys :( Hang in there.

Comments

  1. Ryan Meray Unfuckingbelievable.
  2. UPS-Hitman Sorry Bro (Bobby) Hang in there man!
  3. EjH THQ. Im gonna miss the epic games you guys made :( I FUCKIN HATE THIS ECONOMY!
  4. Joakim Larsen I feel terrible for the Icrontians employed by THQ, and I sincerely hope that they may keep their jobs even if it's under a different company.

    That said, for the games this doesn't seem to bad. COH2 went to sega, known among other things for the Total War series, and although somewhat different from the COH series, they're still very good strategy games, and hopefully Sega will develop COH2 into a good strategy experience.

    Crytek got Homefront, and they have had great success with the Crysis series.

    I'm also sure Deep Silver are able to do good things with Metro: LL, however I do fear for what may become of Saints Row. It's a very different series from what they've previously produced, and they may not be able to capture the true spirit of the SR series.

    Still, sad news indeed. THQ have made some very good games, and it's sad to see such a decent developer disappear.
  5. JBoogaloo To the employees...wow. Fuck. That.

    Sorry guys. All the best to yas.
  6. Canti fffffffffffffffffffffff
  7. Shorty As with everyone else :(

    Especially for those working there that we know but all of the staff really.
  8. Chemriof This bums me out.

Howdy, ! Got something to say?