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Breaking: THQ asset bids approved, studio and IP sales to go ahead

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With open court proceedings having taken place yesterday to hear proposed bids for a majority of THQ’s assets (including development studios and intellectual properties), US Bankruptcy Court judge Marry F. Walrath has today approved the sale of these assets to bidders SEGA, Ubisoft, Koch Media, Take 2 and Crytek.

THQ Farewell Banner

Chairman and CEO of THQ Brian Farrell commented on the proceedings in a press release:

“While we had hoped that the restructuring process would allow the company to remain intact, I am heartened that the majority of our studios and games will continue under new ownership.

“It has been my pleasure to work alongside this great group of people, and I am proud of the imaginative and artistic games that our team has created. Although we will no longer be able to work together with a unified mission, I am confident that the talent we have assembled will continue to make an impression on the video game industry.

“For those whose positions are not likely to continue, I sincerely regret this outcome and we will be meeting with you over the next few days to discuss the transition.”

The sales of THQ’s assets raised roughly $72 million, while $29 million in purchased assets (owner IP and studios) remain unclaimed. Here is a list of the bidders and which assets they will claim:

Relic Entertainment

  • SEGA Bid: $26.6 million

THQ Montreal

  • Ubisoft Bid: $2.5 million

South Park: The Stick of Truth

  • Ubisoft Bid: $3.265 million

Evolve IP

  • Take 2 Bid: $10.8 million

Volition

  • Koch Media Bid: $22.3 million

Metro Franchise

  • Koch Media Bid: $5.8 million

Homefront Franchise

  • Crytek Bid: $544 218

El33tonline has been following the collapse of THQ and the sale of its IP and studios very closely – catch up with the news and read over our opinions on this tragic downward spiral as we remember the publisher, its developers and games:

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