Embattled publisher THQ will be stripped of its assets and sold to a number of rival companies following a 22 hour bankruptcy auction.
The sale of some of its assets to other companies will result in the termination of THQ as a business. The publisher was at one stage going to be bought outright by investment firm Clearlake for $60 million, but bankruptcy Judge Mary Walrath ruled against this, following complaints from THQ creditors, allowing other companies to buy the group's assets.
In order for THQ's assets to be sold individually, the total of all its sold parts had to amount to more than Clearlake's $60 million - a stipulation that has been fulfilled.
The details of the deals are to be revealed throughout Wednesday. Major job losses - even outright closures - are expected for studios that were not purchased. Meanwhile, new acquisitions are expected to be revealed imminently.
The final results of the auction, as outlined in a letter from chief executive Brian Farrell, follows (click for full stories):
- Sega agreed to purchase Relic
- Koch Media agreed to purchase Volition and Metro
- Crytek agreed to purchase Homefront
- Take 2 agreed to purchase Evolve - Turtle Rock's new games project
- Ubisoft agreed to purchase Montreal and South Park
Some assets, including THQ's publishing businesses, various intellectual properties and Vigil are not included in the sale agreements, although informal interest has been shown by Platinum Games for the Darksiders studio.
"They will remain part of the Chapter 11 case. We will make every effort to find appropriate buyers, if possible."