News

Bankruptcy Court Approves THQ Sale

| 24 Jan 2013 14:13
image

Several of THQ's properties have been officially sold off to other publishers.

THQ's rocky journey ended yesterday when its properties and studios were sold off to separate buyers at a bankruptcy auction. Ubisoft, Koch Media, and Sega were among the buyers, while some titles, Vigil Games, and THQ's publishing division went unsold. The U.S. Bankruptcy Court granted a motion to approve the sale today, essentially making it official.

The troubled publisher dodged rumors of an ominous financial situation for years before filing for bankruptcy in December; President Jason Rubin called it "a new start." He hoped to sell the publisher intact to the Clearlake Capital Group, but during the auction process it was decided that selling assets off separately would net more money.

Ubisoft and German publisher Koch Media (owners of Deep Silver) announced their THQ acquisitions in press releases yesterday; Ubisoft stated that South Park: The Stick of Truth was still due out in calendar 2013, and Koch Media, new owner of the Saints Row and Metro series, said "Deep Silver is perfectly positioned to lead these brands into the next generation of interactive entertainment."

The closing of THQ, which was founded in 1989, marks the end of an era in the gaming industry, though at least some pieces of the publisher will be kept intact. The new owners' long-term plans remain to be seen, but it appears at least several of THQ's games in development will eventually see the light of day.

RELATED CONTENT
Comments on