THQ Sells Assets, Closes Doors - The UpStream

THQ Sells Assets, Closes Doors

posted Friday Jan 25, 2013 by Scott Ertz

THQ Sells Assets, Closes Doors

Five years can make a big difference in the videogame industry. Five years ago, THQ was valued at over $2 billion; today, right around $72 million, or so would suggest this week's bankruptcy auction. The company, which has had a lot of trouble finding its footing in the modern gaming market, sold off most of its assets to former rivals, including Sega and Ubisoft.

Once upon a time, THQ made a lot of money working with licenses, such as WWE, UFC and movie titles from companies like Pixar and Nickelodeon. Unfortunately, there isn't enough interest in licensed titles like that anymore, so the company tried to branch out. Titles like Saints Row and Company of Heroes gained some traction, and even got the company the rights to produce a South Park title, announced at this past E3.

So, who got what and for how much? You'll have to hit the break to find out.

Here is the breakdown:

  • Company of Heroes - Sega Corp. - $26.6 million
  • Saints Row - Koch Media - $22.2 million (plus developer Volition Inc.)
  • Evolve - Take-Two Interactive- $10.9 million
  • Metro - Koch Media - $5.9 million
  • South Park - Ubisoft - $3.3 million
  • THQ Montreal - Ubisoft - $2.5 million
  • Homefront - Crytek - $544,218
Yes, you read that right - Crytek purchased Homefront for only $500k. Not everything worked out, however. Vigil Games, one of the THQ studios, did not find a buyer and all staff were let go. There was also no interest in the actual publishing business, and those assets will also be liquidated individually. Some corporate employees will remain past this weekend, but only to help wind down operations at the headquarters.

This is a sad day for gaming; one of the old-timers is closed and gone for good. We will miss the company and wish well for everyone who will be without employment tomorrow morning.

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