THQ is no more: the bankrupt publisher and developer auctioned off its assets in U.S. Bankruptcy Court today. Though the court must still approve the sales, a letter from THQ's CEO (which was
passed to Kotaku
by an employee) reveals the bidders, which include Sega, Ubisoft, Deep Silver, Crytek, and Take-Two, and the THQ franchises and studios they'll acquire. Below is a breakdown of who's getting what, and what led to today's sale.
Who's getting what?
Based on what we know right now...
Company of Heroes
developer Relic Entertainment is going to
developer Volition, Inc. and the
series are going to
Koch Media (Deep Silver)
franchise is going to
license are going to
, a game in development by Turtle Rock Studios (which worked on Left 4 Dead), is going to
THQ will "make every effort to find appropriate buyers" for its remaining assets, such as Darksiders developer Vigil Games.
On November 13, 2012, THQ announced that it had
defaulted on a $50 million loan
. Its subsequent
Humble THQ Bundle
raised about $5 million for THQ, charities, and the Humble Bundle organizers, but it wasn't enough: the company
filed for Chapter 11 bankruptcy
on December 19th.
Bankruptcy isn't necessarily the end—Chapter 11 allows the debtor to stay in control of the company under court oversight—but things didn't go as planned. THQ expected to sell itself in whole to a private equity firm called Clearlake Capital Group, but THQ's creditors and the bankruptcy court
rejected that proposal
earlier this month, which led to today's piece by piece auction.