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 THQ auction results.

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justinlynch3
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PostSubject: THQ auction results.   January 23rd 2013, 9:53 pm

Been following THQ.com all day. Looks like at least some results are in.

- WWE Games: License bought by Take Two - http://ca.ign.com/articles/2013/01/23/wwe-video-game-license-to-be-acquired-by-take-two?utm_campaign=ign+main+twitter&utm_source=twitter&utm_medium=social

Note this is only the license. The dev team of WWE Games, Yukes, is not owned by THQ, thus wasn't sold.

Lost the link to this sadly, but other buys.

- Relic: Purchased by Saga.
- Volition (Saint's Row dev team) and Metro license: Purchased by Koch Media.
- Homefront: Purchased by Crytek.
- THQ Montreal and South Park: Purchased by Ubisoft.
- Evolve: Also purchased by Take Two.


The story reads as follows.


"Alright this is news everyone has been waiting for. Somehow an individual was able to obtain an email from the President of THQ to all thier employees.

This letter details every studio and title that was sold in the auction. Interestingly enough WWE and Vigil Studios were not included in the sale. This leads my initial belief to be that THQ will infact still continue production on atleast WWE 14. However, the letter does state that the remaining assets will remain in the Chapter 11 case possibly finding a buyer later on. This is all very confusing but none the less.. here's the letter.

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 t:

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



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"
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