THQ President Discusses "New Start"

THQ President Discusses "New Start"

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THQ President Jason Rubin says yesterday's Chapter 11 bankruptcy filing and acquisition announcement represent a "new start" for the company.

Yesterday was a big day for THQ, which filed for Chapter 11 bankruptcy protection and announced a $60 million acquisition bid from Clearlake Capital Group. What it all actually means is a bit tricky to nail down but in a "community message" posted on the THQ website, Rubin does his best to spin it into a positive.

"The most important thing to understand is that Chapter 11 does not mean the end of the THQ story or the end of the titles you love. Quite the opposite is true, actually," he wrote. "Chapter 11 is a safety net for U.S. companies. American Airlines is currently in Chapter 11 restructuring, yet I flew back and forth on that airline when I visited Volition two weeks ago. Donald Trump and his companies have been in Chapter 11 four times. You can add to that list household names such as Macy's, Eddie Bauer, the Chicago Cubs, Chrysler, Delta Airlines, General Motors, the Pittsburgh Penguins, Marvel Studios, and MGM, among many others. MGM filed Chapter 11 two years ago, and this year it released Skyfall and The Hobbit, two of the biggest titles of the year. That's what I mean when I say new start!"

Rubin also explained that while Clearlake has made an offer for the company - the "stalking horse bid" - the Chapter 11 process means that other companies will be able to make competing offers. That could drive THQ's acquisition price higher but also contributes to the uncertainty about the fate of its studios and IPs, although Rubin downplayed that as well.

"Whatever happens, the teams and products look likely to end up together and in good hands. That means you can still pre-order Metro: Last Light, Company of Heroes 2, and South Park: The Stick of Truth," he wrote. "Our teams are still working on those titles as you read this, and all other rumored titles, like the fourth Saints Row, the Homefront sequel, and a lot more are also still in the works."

"THQ made headlines today - and I am sure there will be tons of click-grabbing headlines over the next month or so. But what matters to us is not what is happening to THQ right now, but what the company and its teams will make of ourselves after we complete the sale," he continued. "In short, the teams will be unburdened by the past and able to focus on what they should be focusing on -- Making great games."

On a related note, industry consultant and former IGDA Mobile Group Chair Kevin Dent claimed that once the THQ acquisition is complete, Rubin will take over as the new CEO of the company. The claim is entirely unsubstantiated but given THQ's disastrous performance over the past half-decade, it's hard to imagine current CEO Brian Farrell hanging on to the reins in any post-acquisition scenario.

Source: THQ

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great a private equity company (capital company) is the first to make an offer. I just hope that the games currently in production are able to be finished before the splintering of assets starts. I will miss you THQ and what you did.

Good. now start making good games again, and we'll talk.

"Our teams are still working on those titles as you read this, and all other rumored titles, like the fourth Saints Row, the Homefront sequel, and a lot more are also still in the works."

"rumored titles, like the fourth Saints Row, the Homefront sequel, and a lot more..."

"Homefront sequel"

Homefront ended up being terrible, with the only partially redeeming part being the multiplayer (but even then...), yet it's 'supposedly' getting sequel?
Meanwhile, a previous Kaos studios game, Frontlines: Fuel of War, a game I loved the HECK out of, for every part of it, doesn't?
THANKS THQ!
(still love ya though)

...maybe there's just more to work with...

Please don't let EA buy you. Please don't let EA buy you. Please don't let EA buy you. Please don't let EA buy you.

TheBelgianGuy:
Please don't let EA buy you. Please don't let EA buy you. Please don't let EA buy you. Please don't let EA buy you.

Front page tomorrow: EA Bids on THQ

Bolt-206:

"Our teams are still working on those titles as you read this, and all other rumored titles, like the fourth Saints Row, the Homefront sequel, and a lot more are also still in the works."

"rumored titles, like the fourth Saints Row, the Homefront sequel, and a lot more..."

"Homefront sequel"

I fucking agree with you Homefront sucked balls the campaign mode was worst than MW3,Battlefield 3 and maybe even warfighter

I see there are still plenty of people talking about the end of THQ... learn something before you flap your jaws. This is not a definitive end. They have already restructured their business strategy, so now it just comes down to the company surviving long enough to get it's next few games out. I don't think they make any bad games at this point, at least the way I see it.

Baresark:
I see there are still plenty of people talking about the end of THQ...

You're seeing that where, exactly?

Pyrian:

Baresark:
I see there are still plenty of people talking about the end of THQ...

You're seeing that where, exactly?

I wasn't talking about just here, and there are remarkably few commenters on this thread. But the very first comment shows my point. I was also talking about PC Gamer and RockPaperShotgun, to name a few more sites that I frequent.

Good, I wanted a new Saints Row game

Evil Smurf:
Good, I wanted a new Saints Row game

i hadnt touched any of the saints row games, far to tacky, childish and juvenile for me to go near. then i picked up saints row 3 in the thq bundle and 40+ hours later im hooked :D so right there with you waiting for a sequel

although that said ill wait for release and reviews

wombat_of_war:

Evil Smurf:
Good, I wanted a new Saints Row game

i hadnt touched any of the saints row games, far to tacky, childish and juvenile for me to go near. then i picked up saints row 3 in the thq bundle and 40+ hours later im hooked :D so right there with you waiting for a sequel

although that said ill wait for release and reviews

Should give Saints Row 2 a crack. It's easily the best game of the series :D Haven't had that much fun since GTA: Vice City.

Dawn of War 3 :(

Lol, if they compared themselves to MGM then they are screwed.

Dawn of War 3. All I care about.

Just make sure the company stays on track with Dawn of War 3, Mr Rubin. I need more over-the-top hyperviolent RTS goodness from my favourite franchise.

Best of luck for everyone at THQ... hope this all goes as smoothly as possible.

I don't even care. What I saw was "THQ will be doing the same thing it has always done". And as always, I'll buy the games if I'm interested and ignore them if I'm not. Of course I don't want EA buying it, but if they do, it simply becomes a case of the latter.

GenGenners:

TheBelgianGuy:
Please don't let EA buy you. Please don't let EA buy you. Please don't let EA buy you. Please don't let EA buy you.

Front page tomorrow: EA Bids on THQ

Aren't EA close to being on the guillotine also? Do they have the money to acquire any big studios considering how much money they're losing also?

Sonicron:
Just make sure the company stays on track with Dawn of War 3, Mr Rubin. I need more over-the-top hyperviolent RTS goodness from my favourite franchise.

Best of luck for everyone at THQ... hope this all goes as smoothly as possible.

Couldn't agree more my friend :) I hope they stick around, they aren't perfect but they are a good bunch.

wombat_of_war:

Evil Smurf:
Good, I wanted a new Saints Row game

i hadnt touched any of the saints row games, far to tacky, childish and juvenile for me to go near. then i picked up saints row 3 in the thq bundle and 40+ hours later im hooked :D so right there with you waiting for a sequel

although that said ill wait for release and reviews

saints row 2 is WAAY better and it actually has an interesting story regardless of what you are led to belive

I just want Metro Last light to see the light of day.

Terramax:

GenGenners:

TheBelgianGuy:
Please don't let EA buy you. Please don't let EA buy you. Please don't let EA buy you. Please don't let EA buy you.

Front page tomorrow: EA Bids on THQ

Aren't EA close to being on the guillotine also? Do they have the money to acquire any big studios considering how much money they're losing also?

Considering that EA is hemorrhaging money, would be pretty stupid for them to make any big aquisitions now.

MrPeanut:

Considering that EA is hemorrhaging money, would be pretty stupid for them to make any big aquisitions now.

EA isnt actually hemorrhaging money anymore and I am pretty sure they actually posted a profit last year.

Little Gray:

MrPeanut:

Considering that EA is hemorrhaging money, would be pretty stupid for them to make any big aquisitions now.

EA isnt actually hemorrhaging money anymore and I am pretty sure they actually posted a profit last year.

Last year, yes.

2012? Not so much.

And I'd say future doesn't look too bright either.

As long as I can still buy my copy of Company of Heroes 2....

MrPeanut:

Last year, yes.

2012? Not so much.

And I'd say future doesn't look too bright either.

The only way you could say that is if you were speaking out of ignorance.

Baresark:

I wasn't talking about just here, and there are remarkably few commenters on this thread. But the very first comment shows my point. I was also talking about PC Gamer and RockPaperShotgun, to name a few more sites that I frequent.

Yeah, they shouldn't be commenting on the bankruptcy and acquisition of THQ, or possible division of assets, as a possible end to the company.

Vault101:

saints row 2 is WAAY better and it actually has an interesting story regardless of what you are led to belive

Yeah, kinda funny he's hooked on the most juvenile of the games hasn't tried the other ones because they are juvenile.

Saints Row 3: Advertised because of nut shots!

(totally mature).

Also, SR2 was awesome. Now if we could only get a version with hoverbikes.

Actually, Stilwater with things like air strikes would really be interesting. There was so much stuff there to interact with.

MrPeanut:

And I'd say future doesn't look too bright either.

Yeah, don't let the legally binding documents filed for the SEC fool you, EA is doing terrible in FY 2013. phrases like "record breaking" are being tossed around meaninglessly. Reported strong current assets and solid future outlooks spell doom. DOOOOOOOOOOOOOM!

 

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