THQ Dissolves – Video Game Company Pieced Apart and Sold
Popular video game developer and publisher THQ has gone bankrupt and dissolved. This week marks the wrap-up of the company's selling off it's many pieces to several companies – take a look at where the pieces went.
It's been a sad event for gamers to witness, but THQ is no more. While the name might not mean much on it's own, the titles that come with it are recognizable: Company of Heroes, Metro 2033, and Saints Row all have their roots placed at THQ.
The company announced that it was dissolving a little over a week ago on Dec. 19, and that it's assets would be split up and sold to the highest bidders. Via a public notice on the THQ website, Jason Rubin, President of THQ, had this to say:
“Today THQ announced that it has secured an investor, a private equity firm named Clearlake Capital Group, who is interested in purchasing most of what you think makes up THQ: the teams that make the games (Relic, THQ Montreal, Vigil and Volition), THQ’s Intellectual Property (titles, source code, etc.), THQ’s contracts (like the ones with Crytek, South Park Digital Studios, 4A games, Obsidian, and Turtle Rock) and the support staff that are required to help the teams succeed. … The sale needs to be completed through a Chapter 11 proceeding of the Bankruptcy code, which we filed today.”
The company has been spread to many different hands since the bid. Sega won Relic Entertainment and Company of Heroes, Evolve aka Metamorphasis will be going to Take-Two Interactive, and Koch Media received Volition as well as both the Metro and Saints Row franchises. Among other notable bidders were Zenimax, Ubisoft, and Crytek studios, each getting some bit of the company.
“Rest assured that the goal throughout the sale process has been to preserve our teams and our products,” said Jason Rubin in the release. “So no matter what the outcome in 30 days, as long as we have accomplished this goal, I will be satisfied.”
Gamers might have seen this bankruptcy coming for quite some time, if the signs were paid attention to. THQ gamers were recently the center of the Humble THQ Bundle, a mass of games that could be bought for any donation amount. Shortly after the game Metro 2033 was given away for free via a Facebook promotion.
It's uncertain what will become of the franchises and employees linked with THQ – each company has separate plans. While the announcement seems bleak, Jason assured gamers that this wasn't to be considered an end for the studio.
“MGM filed Chapter 11 two years ago, and this year it released “Skyfall” and “The Hobbit,” two of the biggest titles of the year. That’s what I mean when I say new start!” said Jason. “In short, the teams will be unburdened by the past and able to focus on what they should be focusing on — Making great games. I’m excited about the future and hope to have more to report soon.”
Hopefully consumers will be just as excited about this future, and not put THQ away too soon.
News source: GameSpot