RUMOUR: The End is Nigh for THQ

[Aki-at]

http://neogaf.com/forum/showthread.php?t=459014

That is if you want to believe what is flying around Twitter at the moment, seems the time has finally come for the trouble American publisher, with losses year in year out, it is not surprising. I did fact checking a while ago on the financial state of rival game publisher's to SEGA Sammy and found THQ had amassed losses of $310.3 million between 2005 - 2010! Seems that with another bad year... The end of the road is just round the corner.

Would be a shame to see them go bust, not a fan of their games but do not want people to lose their jobs, hopefully they find their feet.

[Barry the Nomad]

That sucks if true. Agreed, I'm not a THQ fan, but don't like celebrating the close of a business. Only THQ games I own are the SEGA GBA games they published.

[SEGA_Portuguese]

(edit.)

Good luck for THQ.

[max_cady]

DAAMN, anyone who still thinks that the video game inudstry has been untouched thus far, this will serve as another example, if true.

In THQ's case, it's not a huge surprise. Homefront was supossed to be their money making IP, but it wasn't enough.

WWE and UFC are also not as selling as much as before. Saint's Row is all they got right now...

[crackdude]

Can't Sega get some of its licenses? UFC, dirtbikes, South Park, Red Faction...

[Aki-at]

Can't Sega get some of its licenses? UFC, dirtbikes, South Park, Red Faction...

If it did not work for THQ, why should it be any different for SEGA?

That being said there are plenty of interesting IPs THQ has, Devil's Third from Itagaki, Saint's Row and of course Darksiders 2, I think those three will see quite a few bidders.

That is of course, if THQ is going bankrupt.

[max_cady]

Apparentely they are not going down under. But one of their major MMO's does seem to be going under...

[SOUP]

I really hope this isn't true.
I still play WWF: No Mercy to this day.

[max_cady]

And the THQ officially bites the dust!

THQ has filed for bankruptcy. According to a statement released this morning, THQ has entered into an Asset Purchase Agreement with affiliates of investment firm Clearlake Capital Group “to acquire substantially all of the assets of THQ’s operating business, including THQ’s four owned studios and games in development.” THQ notes that the sale will allow it “to shed certain legacy obligations and emerge with the strong financial backing of a new owner with substantial experience in software and technology.”

As part of the sale, THQ has filed for Chapter 11 bankruptcy in U.S. court. The company notes that it “will continue operating its business without interruption during the sale period” and that all studios will remain open with all development teams continuing to work. THQ also notes that “the company’s foreign operations, including Canada, are not included in the filings.”

Well, now I understand why they were so quiet about some of their major releases. Well, that sucks. I fancy that there will be a bid war over their major IPs and all those games that lack a publisher right now.

[MadeManG74]

I wonder what this means for Company of Heroes 2? That was the only THQ game I was really following.

[max_cady]

I was listening to Michael Pachter on Joystiq.com and from what I could piece together since I don't know much of accounting:

-THQ filed for Chapter 11 bankruptcy, which means it's not a complete liquidation(that's chapter 7), meaning their are essentially trying to reform the company, negociate and morgage whatever they have at that point;
-It appears to that one buyer has purchased the entirity of the companies assests and it will likely be a privately held firm, like Lucasarts;
-The new company might not be called THQ(though they buy the name) anymore and the money invested going to keep the remaining projects afloat;

[Nameless 24]

Would be interesting who gets their unique IPs despite the sadness of another Publisher closing. 

Hopefully the teams are bought by caring companies.

[FourCartridge]

Sorry for the topic revival, but some update on where THQ's assets went up.

First off the obvious; SEGA now owns Relic, and along with it the Company of Heroes and 40K licenses. Together with the Fantasy deal with Creative Assembly, this is likely to have SEGA the entire Warhammer license. Welcome to the family.

Company of Heroes/Blood Ravens for All-Stars Racing

Evolve has gone to Take-Two, even though Turtle Rock had put in a bid themselves.

The Homefront IP went to Crytek for half a million.

Finally, The South Park: Stick of Truth IP & THQ Montreal has gone to Ubisoft. Considering that some of that studio's talent was former Ubisoft staff, there's a bit of irony.

http://www.forbes.com/sites/danielnyegriffiths/2013/01/24/the-break-up-bankrupt-thq-assets-sold-at-auction/


Here's the real shocker: Relic's old IP, Homeworld has been purchased by Gearbox for 1.3 million.

Almost every other IP, including Juiced, Destroy All Humans, and Darksiders, have gone to an obscure studio, Nordic Games. They've only had a blip on the radar for publishing Painkiller.

http://www.forbes.com/sites/erikkain/2013/04/23/thq-auction-winners-nordic-games-picks-up-darksiders-gearbox-grabs-homeworld/

Thoughts?

[George]

RIP Darksiders, Homeworld.

[TimmiT]

Actually, they're a publisher and not a developer. Also they don't intend on letting Darksiders die out and would want to work with the original makers to make a new game.

Homeworld is fucked though.