Joystiq http://www.joystiq.com Joystiq http://www.blogsmithmedia.com/http://www.joystiq.com/media/feedlogo.gif Joystiq http://www.joystiq.com en-us Copyright 2013 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[Double Fine wants to win back Stacking, Costume Quest rights]]>http://www.joystiq.com/2013/05/12/double-fine-wants-to-win-back-stacking-costume-quest-rights/http://www.joystiq.com/2013/05/12/double-fine-wants-to-win-back-stacking-costume-quest-rights/http://www.joystiq.com/2013/05/12/double-fine-wants-to-win-back-stacking-costume-quest-rights/#commentsDouble Fine wants to win back Stacking, Costume Quest rights Double Fine wants to tie up all of the loose ends within its catalog and is seeking the distribution rights to its games formerly published by THQ, Stacking and Costume Quest. Nordic Games picked up the distribution rights to these games during THQ's bankruptcy auction in April, though Double Fine attempted to secure the rights from THQ as early as February.

Double Fine owns the intellectual properties for Stacking and Costume Quest, so if it wants to make new games within each series, it can.

"We're still trying to get the rights to Costume Quest and Stacking," Schafer told Game Informer. "We can still make more of those games. We still have the IP, but we'd love to have all of the IP and distribution rights in house."

On top of those distribution rights, Double Fine wants to regain the Brutal Legend IP from EA and the Iron Brigade IP from Microsoft, Schafer said. These are difficult positions for Double Fine, but for us, deciding which war to watch is just as hard: Battle of Heavy Metal and Mechs or the Battle of Kids in Costumes Playing with Toys From the Old Country. Decisions, decisions.

JoystiqDouble Fine wants to win back Stacking, Costume Quest rights originally appeared on Joystiq on Sun, 12 May 2013 15:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>brutal-legendCostume-Questdistribution-rightsdouble-fineintellectual-propertyiron-brigademicrosoftnordic-gamespcplaystationps3stackingthq-bankruptcyxboxSun, 12 May 2013 15:00:00 EST<![CDATA[Ubisoft fired another THQ Montreal veteran yesterday, Desilets says]]>http://www.joystiq.com/2013/05/08/ubisoft-fired-another-thq-montreal-veteran-yesterday-desilets-s/http://www.joystiq.com/2013/05/08/ubisoft-fired-another-thq-montreal-veteran-yesterday-desilets-s/http://www.joystiq.com/2013/05/08/ubisoft-fired-another-thq-montreal-veteran-yesterday-desilets-s/#commentsUbisoft fired another THQ Montreal veteran yesterday, Desilets says Ubisoft fired original Assassin's Creed creative director Patrice Desilets yesterday, after his rocky transition from Ubisoft, to THQ Montreal and back to Ubisoft. One of his colleagues, Jean-François Boivin, was also fired yesterday, Desilets tweeted. Boivin traveled from Ubisoft to THQ Montreal, before being pulled back in at Ubisoft, just as Desilets did.

"Thinking of my good friend and producer @JFBoivin who also got fired yesterday," Desilets wrote. "I'm sharing your support with him."

Boivin's LinkedIn profile says he joined Ubisoft in 2005 and held a variety of production roles - including production manager for Assassin's Creed and Assassin's Creed 2 with Desilets - until 2011, when he joined THQ Montreal to work on a new IP. Desilets left Ubisoft in 2010 and began work at THQ Montreal after a one-year non-compete agreement. When the agreement was up in 2011, THQ brought over three people from Ubisoft, whom Desilets said he needed.

During the THQ bankruptcy auction in January, Ubisoft bought THQ Montreal, effectively rehiring Boivin and Desilets. There's no word if Boivin's firing was as dramatic as Desilets'.

JoystiqUbisoft fired another THQ Montreal veteran yesterday, Desilets says originally appeared on Joystiq on Wed, 08 May 2013 18:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>firedfiringlayoffspatrice-desiletsTHQthq-bankruptcythq-montrealUbisoftWed, 08 May 2013 18:00:00 EST<![CDATA[Nordic Games involved with THQ since January, is talking sequels]]>http://www.joystiq.com/2013/04/23/nordic-games-involved-with-thq-since-january-is-talking-sequels/http://www.joystiq.com/2013/04/23/nordic-games-involved-with-thq-since-january-is-talking-sequels/http://www.joystiq.com/2013/04/23/nordic-games-involved-with-thq-since-january-is-talking-sequels/#comments Nordic Games involved with THQ since January, is talking sequelsNordic Games picked up most of the IPs in THQ's back catalog auction, dishing out $4.9 million for Darksiders, Red Faction, MX vs ATV, Titan Quest and a slew of unannounced games from THQ's long list of for-sale properties. Nordic was a surprise to some, especially next to Gearbox, which picked up the Homeworld franchise, and 505 Games, which snagged Drawn to Life and its sequel. But Nordic isn't new.

"We've been in conversation with THQ since January," Nordic CEO Lars Wingefors told Game Informer. "We signed all the NDAs in January."

Wingefors has been in the gaming industry for 20 years, he said, and has handled "a lot" of THQ products during that time. In November 2011, Nordic acquired publisher JoWood, in charge of Painkiller and Torchlight, and also ended up with Canadian publisher Dreamcatcher, spawning Nordic's publishing focus.

Nordic took part in the first THQ auction as well, which sold off properties such as Saints Row and some development studios for upwards of $20 million. That sale was too rich for Wingefors: "Saints Row went for $22 million and Koch bought that development studio with that burn rate on a daily basis. Even though I do have financial resources, I don't have those kind of resources."

Wingefors didn't want a studio. Nordic is a "middle man" looking for the right team to make some new sequels; there's already been plenty of interest in Darksiders, he said.

"We have to be very honest," Wingefors said. "I am a business man within the games industry. We are not the creative, talented developer that brings out new versions in house. I understand the potential of the IPs. I respect the original creators and the creative people who are able to create sequels. In the past 24 hours, we have been contacted and there have been a few discussions (but I can't confirm names)."

Nordic took home more than 50 former THQ games, but has yet to release the full list.

"As we still have some open points with regards to a couple of titles we will not publish a comprehensive list at this stage," a Nordic Games representative told Joystiq yesterday. "However, once everything is fixed and the ink is dry - around mid-May - we will go out with a comprehensive list of titles which we have acquired in the process."

Nordic will hold talks this summer with different developers, during E3 especially. Don't expect any sequels too soon, though.

"You won't see a new Darksiders this year," Wingefors said. "I don't believe in bringing out a shitty sequel."

JoystiqNordic Games involved with THQ since January, is talking sequels originally appeared on Joystiq on Tue, 23 Apr 2013 14:30:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>3dsauctionDarksidersmacmicrosoftmobilemx-vs-atvnintendonordic-gamespcplaystationplaystation-vitaps3Red-FactionTHQthq-bankruptcytitan-questvitawii-uxboxTue, 23 Apr 2013 14:30:00 EST<![CDATA[THQ auction results: Nordic Games takes Darksiders, Red Faction; 505 Games is Drawn to Life]]>http://www.joystiq.com/2013/04/22/thq-auction-darksiders-red-faction-homeworld/http://www.joystiq.com/2013/04/22/thq-auction-darksiders-red-faction-homeworld/http://www.joystiq.com/2013/04/22/thq-auction-darksiders-red-faction-homeworld/#comments THQ auction results Nordic Games takes Darksiders, Red Faction 505 Games is Drawn to Life
The THQ back catalog auction results are in, with Nordic Games riding away with the intellectual property (IP) rights to Darksiders, Red Faction and MX vs. ATV for $4.9 million. The company picked up nearly all the assets in the auction, including Titan Quest, Supreme Commander, Frontlines, Stuntman, Juiced, Full Spectrum Warrior, Destroy All Humans and much more.

"First and foremost we are very happy about this deal which also turns over a new leaf for the entire Nordic Games Group. In the long term, we either want to cooperate with the original creators or best possible developers in order to work on sequels or additional content for these titles," said Nordic Games CEO Lars Wingefors. "A very important point for us is not to dash into several self-financed multi-million dollar projects right away, but rather to continue our in-depth analysis of all titles and carefully selecting different financing models for developing new instalments of acquired IPs."

The other reveal is 505 Games grabbed the rights to Drawn to Life and Drawn to Life: The Next Chapter for $300K.

The news follows this afternoon's unexpected acquisition of the Homeworld franchise by Gearbox Software. We now know the price tag for Gearbox to re-release the original games on digital distribution networks and take a swing at its own spin on the real-time strategy franchise was $1.35 million.

We've listed the winning bids in greater detail after the break.

Continue reading THQ auction results: Nordic Games takes Darksiders, Red Faction; 505 Games is Drawn to Life

JoystiqTHQ auction results: Nordic Games takes Darksiders, Red Faction; 505 Games is Drawn to Life originally appeared on Joystiq on Mon, 22 Apr 2013 18:04:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>505-gamesDarksidersdarksiders-2Destroy-All-HumansHomeworldmicrosoftnordic-gamesnordic-games-licensing-abpcplaystationps3red-factionSupreme-Commanderthqthq-bankruptcyxboxMon, 22 Apr 2013 18:04:00 EST<![CDATA[Homeworld intellectual property purchased by Gearbox Software]]>http://www.joystiq.com/2013/04/22/homeworld-gearbox-ip-purchase/http://www.joystiq.com/2013/04/22/homeworld-gearbox-ip-purchase/http://www.joystiq.com/2013/04/22/homeworld-gearbox-ip-purchase/#comments Homeworld IP purchased by GearboxGearbox Software, best known for the Borderlands series, has purchased the rights to the Homeworld intellectual property during the recent THQ back catalog auction round.

Gearbox Chief Creative Officer Brian Martel has "great love and respect for Relic's brilliant, fun and innovative game and personally spearheaded the acquisition," according to a studio statement.

The company's subspace communication continues: "Brian intends as first priority to direct Gearbox's interest to preserve and assemble the purest form of the original acclaimed and beloved games, Homeworld and Homeworld 2, with the intent of making them accessible on today's leading digital platforms."

The Homeworld series was originally developed by Relic Entertainment, which was purchased by Sega during a previous round of the THQ bankruptcy auctions.

It is unclear at this time if Sega bid on Homeworld. We do know that Galactic Civilization developer and Sins of a Solar Empire publisher Stardock was in the running. CEO Brad Wardell tweeted us, "I'm surprised. I was wondering who had outbid us. It'll be interesting to see what they do with it. As long as I get [Homeworld 3]!"

JoystiqHomeworld intellectual property purchased by Gearbox Software originally appeared on Joystiq on Mon, 22 Apr 2013 14:56:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>gearboxgearbox-softwarepcRelicRelic-Entertainmentthqthq-bankruptcyMon, 22 Apr 2013 14:56:00 EST<![CDATA[THQ owed WWE $7.6 million, disclosure statement reveals]]>http://www.joystiq.com/2013/04/20/thq-owed-wwe-7-6-million-disclosure-statement-reveals/http://www.joystiq.com/2013/04/20/thq-owed-wwe-7-6-million-disclosure-statement-reveals/http://www.joystiq.com/2013/04/20/thq-owed-wwe-7-6-million-disclosure-statement-reveals/#comments A recent disclosure statement filed by THQ revealed details of the terms the publisher came to with the WWE and series developer Yuke's when the publisher folded. At the time of THQ's bankruptcy filing in December 2012, it owed approximately $7.6 million to WWE for marketing and royalties expenses, as well as $15 million to $20 million to Yuke's.

According to the statement, THQ, WWE and Yuke's all signed termination agreements on February 12, 2013 that relieved THQ of responsibility in paying WWE and Yuke's of those claims. THQ agreed to pay WWE royalties for sales of WWE games during its Chapter 11 case, and will also pay Yuke's $250,000 in settlement for royalties from sales during the time of its bankruptcy filing.

As a result, WWE and Yuke's terminated existing contracts with THQ in order to pursue a publishing agreement for future WWE games with Take-Two. Damage claims against THQ that were eliminated as a result of the termination agreement "may have exceeded $60 million," according to the document.

JoystiqTHQ owed WWE $7.6 million, disclosure statement reveals originally appeared on Joystiq on Sat, 20 Apr 2013 16:30:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>licensingterminationTHQthq-bankruptcyWWEwwe-14wwe-2k14YukesSat, 20 Apr 2013 16:30:00 EST<![CDATA[Final THQ auction raised $6-7 million, details expected Monday afternoon]]>http://www.joystiq.com/2013/04/19/final-thq-auction-raised-6-7-million-details-expected-monday-a/http://www.joystiq.com/2013/04/19/final-thq-auction-raised-6-7-million-details-expected-monday-a/http://www.joystiq.com/2013/04/19/final-thq-auction-raised-6-7-million-details-expected-monday-a/#comments
A recent disclosure statement on defunct publisher THQ notes the back catalog auction round for the company's intellectual properties (IP) received 17 final bids and is expected to generate $6 million to $7 million.

"The final news will be out Monday afternoon," a person with knowledge of the proceedings informs Joystiq.

This final auction, which included the IP rights for franchises Darksiders, Red Faction and Homeworld, began on April 1 and ended on April 15. The disclosure document notes the plan is to present the sales to the bankruptcy court for approval in May and close the sales by the end of the month.

A prior auction saw the purchase of franchises Saints Row, Company of Heroes and Metro.

JoystiqFinal THQ auction raised $6-7 million, details expected Monday afternoon originally appeared on Joystiq on Fri, 19 Apr 2013 17:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>thqthq-bankruptcyFri, 19 Apr 2013 17:00:00 EST<![CDATA[Multiplayer shooter Nexuiz tied up in the future of THQ Partners]]>http://www.joystiq.com/2013/02/13/nexuiz-tied-up-in-the-future-of-thq-partners/http://www.joystiq.com/2013/02/13/nexuiz-tied-up-in-the-future-of-thq-partners/http://www.joystiq.com/2013/02/13/nexuiz-tied-up-in-the-future-of-thq-partners/#comments Nexuiz in limbo following THQ dissolutionNexuiz, an arena-based product of Illfonic and THQ Partners, is in limbo following THQ's bankruptcy and assets sale, during which the Partners brand was not sold.

"Our deal with THQ was basically a licensing deal through THQ Partners, so we do have a period of time [in which] THQ has the rights to be the exclusive publisher," Illfonic president Chuck Brungardt tells Polygon. "Now with them folding we are still trying to figure out what this means and awaiting details from our contacts handling the transitions at THQ."

Brungardt says it will probably take another month to figure out the future of Nexuiz and the remaining THQ assets. Nexuiz is lumped in with THQ Partners, the Darksiders franchise, Vigil Games and other back catalog properties that former THQ president Jason Rubin said will be sold off in a separate process.

JoystiqMultiplayer shooter Nexuiz tied up in the future of THQ Partners originally appeared on Joystiq on Wed, 13 Feb 2013 20:30:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>illfonicmicrosoftnexuizpcplaystationps3THQthq-bankruptcythq-partnersxboxWed, 13 Feb 2013 20:30:00 EST<![CDATA[THQ formally drops Farrell, Rubin, executive staff]]>http://www.joystiq.com/2013/02/05/thq-formally-drops-farrell-rubin-executive-staff/http://www.joystiq.com/2013/02/05/thq-formally-drops-farrell-rubin-executive-staff/http://www.joystiq.com/2013/02/05/thq-formally-drops-farrell-rubin-executive-staff/#comments THQ's storybook is down to the final pages, following the rising action of its dropping stock, and the climax of its bankruptcy at the end of 2012 and asset sale in January. Now for the falling action: THQ formally terminated CEO Brian Farrell, President Jason Rubin and Chief Strategy Officer Jason Kay on January 30, made public in an 8-K form filed today.

Earlier in February, Rubin said that THQ's failure was its own fault, and it boiled down to missteps with franchises such as uDraw, the Warhammer 40K MMO and Homefront. "THQ had every chance to survive, had it not made massive mistakes," he said.

THQ's epilogue is up next, wherein we find out what all these new companies will do with its former properties.

JoystiqTHQ formally drops Farrell, Rubin, executive staff originally appeared on Joystiq on Tue, 05 Feb 2013 19:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>Brian-Farrellfiredjason-kayjason-rubinTHQthq-bankruptcyTue, 05 Feb 2013 19:00:00 EST<![CDATA[THQ memo asks employees to pack up today]]>http://www.joystiq.com/2013/01/25/thq-memo-asks-employees-to-pack-up-today/http://www.joystiq.com/2013/01/25/thq-memo-asks-employees-to-pack-up-today/http://www.joystiq.com/2013/01/25/thq-memo-asks-employees-to-pack-up-today/#comments Employees of THQ's corporate HQ and Vigil studio will conclude working for the bankrupt publisher today. In a memo obtained by IGN, employees received a "frequently asked questions" memo regarding the end of their employment.

The memo notes employees should remove all personal items by the end of the day, as access to the building will be shut off today. Employees will be paid through today, have health insurance until January 31, with severance and leftover vacation day pay yet to be determined. All stock is worthless.

An auction was held this week to sell off most of THQ's assets, with the publisher's intellectual property and some studios picked up by other companies. Another auction is planned to handle whatever's left over.

JoystiqTHQ memo asks employees to pack up today originally appeared on Joystiq on Fri, 25 Jan 2013 17:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>layoffsthqthq-bankruptcyFri, 25 Jan 2013 17:00:00 EST<![CDATA[THQ 'back catalog' to be sold off in 'separate process']]>http://www.joystiq.com/2013/01/24/thq-back-catalog-to-be-sold-off-in-separate-process/http://www.joystiq.com/2013/01/24/thq-back-catalog-to-be-sold-off-in-separate-process/http://www.joystiq.com/2013/01/24/thq-back-catalog-to-be-sold-off-in-separate-process/#comments THQ sold off much of its intellectual property, and existing catalog, yesterday in an auction. But what about all the THQ IP that wasn't included, like Darksiders and (why not) uDraw? THQ president Jason Rubin told Game Informer that other sales of legacy holdings will be forthcoming.

"There will be a separate process to sell off the back catalog and IP," Rubin said. "That process will take place in the coming weeks." Rubin did not say what form the "process" would take, whether it will involve private individual deals or further auctioning.

JoystiqTHQ 'back catalog' to be sold off in 'separate process' originally appeared on Joystiq on Thu, 24 Jan 2013 12:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>auctionjason-rubinthqthq-bankruptcyThu, 24 Jan 2013 12:00:00 EST<![CDATA[Court approves THQ asset sales]]>http://www.joystiq.com/2013/01/24/court-approves-thq-asset-sales/http://www.joystiq.com/2013/01/24/court-approves-thq-asset-sales/http://www.joystiq.com/2013/01/24/court-approves-thq-asset-sales/#comments The U.S. Bankruptcy Court has approved the sale of THQ's assets to Ubisoft, Sega, and other companies, THQ announced this morning. The sales are all expected to close today. THQ totals the proceeds from the sale at $72 million, making a total of $100 million when added to the company's estimate of its remaining assets.

In a statement issued by THQ (sure to be one of the last), CEO Brian Farrell said "While we had hoped that the restructuring process would allow the company to remain intact, I am heartened that the majority of our studios and games will continue under new ownership."

New president Jason Rubin echoed the sentiment. "I was brought in eight months ago to help turn this ship around," Rubin said, "and while I'm disappointed that we could not effect a sale for the entire operating business, I am pleased that the new buyers will be providing jobs to many of our very talented personnel. When we first announced the sale process, I said I would be happy if the company's games and people had a bright future, even if it meant I did not have a job at the end of it. And I still feel that way."

Continue reading Court approves THQ asset sales

JoystiqCourt approves THQ asset sales originally appeared on Joystiq on Thu, 24 Jan 2013 08:45:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>bankruptcythqthq-bankruptcyus-bankruptcy-courtThu, 24 Jan 2013 08:45:00 EST<![CDATA[Report: THQ's WWE license going to Take-Two]]>http://www.joystiq.com/2013/01/23/report-thqs-wwe-license-going-to-take-two/http://www.joystiq.com/2013/01/23/report-thqs-wwe-license-going-to-take-two/http://www.joystiq.com/2013/01/23/report-thqs-wwe-license-going-to-take-two/#comments While most of THQ's coffers have already been cleaned out, there's been no official word on any party making a move on the WWE license. An IGN source suggests Take-Two will take over the WWE line of games.

The negotiations for the WWE license apparently took place outside of the formal THQ auction, IGN notes. According to documents obtained by Joystiq, Take-Two has already spent $10.9 million snagging Turtle Rock's Evolve from THQ.

JoystiqReport: THQ's WWE license going to Take-Two originally appeared on Joystiq on Wed, 23 Jan 2013 19:15:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>2kmicrosoftnintendoplaystationps3reporttake-twotake-two-interactivethqthq-bankruptcywiiworld-wrestling-entertainmentwwewwe-13xboxWed, 23 Jan 2013 19:15:00 EST<![CDATA[New THQ Montreal game in auction filing: Underdog]]>http://www.joystiq.com/2013/01/23/new-thq-montreal-game-in-auction-filing-underdog/http://www.joystiq.com/2013/01/23/new-thq-montreal-game-in-auction-filing-underdog/http://www.joystiq.com/2013/01/23/new-thq-montreal-game-in-auction-filing-underdog/#comments The results from THQ's auction reveal not only how much its studios and IPs were worth to other companies, but also an unannounced game: THQ Montreal's Underdog.

Ubisoft placed the only bid for THQ Montreal, snagging the studio, Underdog and 1666 for $2.5 million. The filing doesn't list any details about either game, though 1666 has shown up in previous THQ bankruptcy documents.

The auction results reaffirm the existence of Evolve (aka Metamorphosis), a co-op multiplayer action game from Turtle Rock Studios, and reveal that it runs on Crytek's CryEngine 3.

See the entire roundup of bids for former THQ studios and IPs in our THQ winners and losers post.

JoystiqNew THQ Montreal game in auction filing: Underdog originally appeared on Joystiq on Wed, 23 Jan 2013 15:57:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>THQthq-bankruptcythq-montrealUbisoftunderdogWed, 23 Jan 2013 15:57:00 EST<![CDATA[THQ bid winners, prices and runners-up]]>http://www.joystiq.com/2013/01/23/thq-bid-winners-prices-and-runners-up/http://www.joystiq.com/2013/01/23/thq-bid-winners-prices-and-runners-up/http://www.joystiq.com/2013/01/23/thq-bid-winners-prices-and-runners-up/#comments Joystiq has obtained details on the winning auction bids for the various THQ intellectual properties and licenses made available during the company's bankruptcy auction. We've listed the winning bids and runners up below.

To clarify, we've noted whether the asset is a studio, intellectual property (IP) or license.

Relic (studio) and Company of Heroes (IP)
Winning bid: $26.6 million - Sega Corporation
Backup bidder: $26.3 million - Zenimax Media

THQ Montreal (studio), with 1666 (IP) and Underdog (IP)
Winning bid: $2.5 million - Ubisoft
Backup bidder: N/A

Continue reading THQ bid winners, prices and runners-up

JoystiqTHQ bid winners, prices and runners-up originally appeared on Joystiq on Wed, 23 Jan 2013 15:50:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>deep-silverkoch-mediatake-twothqthq-bankruptcyubisoftvolitionWed, 23 Jan 2013 15:50:00 EST<![CDATA[Report: THQ assets divided]]>http://www.joystiq.com/2013/01/23/thq-assets-divided/http://www.joystiq.com/2013/01/23/thq-assets-divided/http://www.joystiq.com/2013/01/23/thq-assets-divided/#comments The THQ auction has resulted in the company's assets being distributed among several publishers.
  • Developer Volition and the Saints Row franchise, along with the Metro license, have been purchased by Dead Island publisher Deep Silver.
  • Relic Games (Warhammer 40K, Company of Heroes) has gone to Sega.
  • The South Park game and THQ Montreal have been purchased by Ubisoft.
  • Take-Two Interactive has purchased Evolve.
Vigil and other unnamed THQ properties not included in the sale will "remain part of the chapter 11 case," and THQ will look for buyers. According to a letter sent to employees, "If you are an employee of an entity that is not included in the sale, we regret that your position will end."

Update 2:Official court documents of THQ bid winners with prices, along with runners-up.

Update: DDinvesting reports THQ auction results:
  • $500k Homefront (Crytek)
  • $26M for Relic (Sega)
  • $2.5M for THQ Montreal (Ubisoft)
  • $3.2M for South Park (Ubisoft)
  • $11M for Evolve (Take-Two)
  • $22.3M for Volition (Koch Media)
  • $5.8M for Metro (Koch Media)

JoystiqReport: THQ assets divided originally appeared on Joystiq on Wed, 23 Jan 2013 15:15:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>darksiders-2deep-silverrelicsaints-row-3segaTake-Two-Interactivethqthq-bankruptcythq-montrealubisoftWed, 23 Jan 2013 15:15:00 EST<![CDATA[South Park Studios battles THQ over potential sale of The Stick of Truth]]>http://www.joystiq.com/2013/01/22/south-park-studios-battles-thq-over-potential-sale-of-the-stick/http://www.joystiq.com/2013/01/22/south-park-studios-battles-thq-over-potential-sale-of-the-stick/http://www.joystiq.com/2013/01/22/south-park-studios-battles-thq-over-potential-sale-of-the-stick/#comments South Park Studios battles THQ over potential sale of The Stick of TruthOn January 18, South Park Digital Studios filed a preliminary objection to THQ's proposed sale of South Park: The Stick of Truth. THQ and South Park Studios entered into a Deal Memo, granting THQ use of certain South Park trademarks and copyrights, on June 29, 2011. THQ filed for Chapter 11 bankruptcy on December 19 and is being auctioned off today, January 22, at 3 p.m. EST.

In an objection filed in Delaware bankruptcy court, South Park Studios claims that the Deal Memo does not allow other parties use of the South Park IP, and even if the game does end up at a different company, THQ owes South Park Studios at least $2.275 million. South Park Studios "also reserves the right to exercise its option to acquire from THQ all elements of the games and related products under the Deal Memo."

THQ filed a reply on January 21, requesting that the court overrule the objection and allow the sale to continue, though it says it is working toward a consensual resolution with South Park Studios. THQ argues that the license is exclusive and therefore transferable as THQ sees fit. As for the $2.275 million, THQ is "evaluating the amount that South Park asserts is owing" and plans to work with South Park Studios to resolve the issue.

All bids in the THQ bankruptcy sale were due by 9 a.m. EST today and the auction begins at 3 p.m. Hearing on the sale takes place tomorrow, January 23, at 9:30 a.m., with the closing on January 24. THQ will only sell assets individually if it receives bids of more than $60 million (plus a $10 million note) that Clearlake Capital Group is offering for the entire company. The auction has attracted the attention of EA, Warner Bros., Double Fine and others.

JoystiqSouth Park Studios battles THQ over potential sale of The Stick of Truth originally appeared on Joystiq on Tue, 22 Jan 2013 14:25:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>auctionbankruptcymicrosoftpcplaystationps3south-parksouth-park-studiossouth-park-the-gamesouth-park-the-stick-of-truthTHQthq-bankruptcyxboxTue, 22 Jan 2013 14:25:00 EST<![CDATA[Double Fine requests paperwork in THQ bankruptcy, auction details posted]]>http://www.joystiq.com/2013/01/11/double-fine-requests-paperwork-in-thq-bankruptcy-auction-detail/http://www.joystiq.com/2013/01/11/double-fine-requests-paperwork-in-thq-bankruptcy-auction-detail/http://www.joystiq.com/2013/01/11/double-fine-requests-paperwork-in-thq-bankruptcy-auction-detail/#comments The bidding procedures for assets in the THQ bankruptcy have been posted, along with a mention that Tim Schafer's Double Fine Productions has requested some documents from the case. The Distressed Debt Investing Twitter feed - which has been a solid source on the proceedings - mentioned Double Fine was checking things out. It was previously reported Warner Bros. and Electronic Arts were also sniffing about.

Before going to bed tonight with dreams of Double Fine making the next Darksiders game, let's tap the brakes here for two seconds. Any company with half a brain (and a couple million laying around) right now is looking at THQ, especially since the assets of the company will be split up if the individual pieces receive bids more than the whole. So, while the big dogs fight for Saints Row and other similarly large properties, a smaller company could take a... oh, a Homeworld? Perhaps a franchise that won't continue "in any meaningful way" like Red Faction?

Double Fine and THQ had a relationship in producing Costume Quest and Stacking, although it's unclear who owns the actual intellectual property (we're following up). If you're interested and have the cash, feel free to read the bidding procedures. Bids are due January 22, 2013, by 9AM Eastern.

JoystiqDouble Fine requests paperwork in THQ bankruptcy, auction details posted originally appeared on Joystiq on Fri, 11 Jan 2013 09:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>darksiders-2thqthq-bankruptcyFri, 11 Jan 2013 09:00:00 EST<![CDATA[THQ will sell whole unless exceeded by individual asset bids]]>http://www.joystiq.com/2013/01/08/thq-auction-details/http://www.joystiq.com/2013/01/08/thq-auction-details/http://www.joystiq.com/2013/01/08/thq-auction-details/#comments THQ acknowledging the details of yesterday's reported bankruptcy proceedings this morning, confirming its assets will only be purchased a la carte if individual offers exceed a whole buyout.

"Today's ruling provides a clear path. We will now know definitively by January 23 where we stand," stated THQ CEO Brian Farrell. "We appreciate the support of our employees, partners, and suppliers now more than ever."

As things stand now, we know that private equity firm Clearlake Capital Group has offered "$60 million, including a new $10 million note for the benefit of the company's creditors." What this means is that anybody offering more for the whole of the company can take THQ from the cushy speed agreement made between THQ executives and Clearlake.

There's also the very real possibility that Electronic Arts, along with Warner Bros and other bidders, could collaboratively purchase THQ's intellectual property (Saints Row, Darksiders) and studios (Volition, Relic, Vigil). If those bids exceed Clearlake's total (and Saints Row is definitely getting any player most of the way there), that's it for THQ.

Bids are due January 22, 2013, by 9AM Eastern. The auction will be held at 3PM. Hearing on the sale will be held at 9:30AM the following day, followed by the closing on January 24.

Continue reading THQ will sell whole unless exceeded by individual asset bids

JoystiqTHQ will sell whole unless exceeded by individual asset bids originally appeared on Joystiq on Tue, 08 Jan 2013 08:30:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>clearlakeclearlake-capital-groupdarksiders-2thqthq-bankruptcyTue, 08 Jan 2013 08:30:00 EST<![CDATA[THQ's individual franchises up for grabs, more show up to bid]]>http://www.joystiq.com/2013/01/07/thq-individual-franchises-up-for-grabs-more-show-up-to-bid/http://www.joystiq.com/2013/01/07/thq-individual-franchises-up-for-grabs-more-show-up-to-bid/http://www.joystiq.com/2013/01/07/thq-individual-franchises-up-for-grabs-more-show-up-to-bid/#comments THQ's bankruptcy, once expected to be the intimate dinner for two that executives of the bankrupt publisher were hoping for, is turning into a Vegas buffet. Over the weekend, U.S. bankruptcy Judge Mary F. Walrath put the kibosh on THQ's eyebrow-raising quick sale to the private equity firm Clearlake Capital Group, allowing more time for other interested parties to get involved.

The Twitter feed for Distressed Debt Investing has been doing courtroom reporting, noting that the judge has set an auction date of January 22 where THQ assets could be sold individually. It's also been reported that Electronic Arts is now among the bidders. Warner Bros. has also been acknowledged as sniffing around, along with several others.

EA already got a good deal out of THQ in the middle of last year, leveraging THQ's precarious financial situation and taking the UFC license by offering up an "undisclosed cash payment." Warner Bros. has also shown talent in the bargain-basement bankruptcy shopping experience, grabbing Mortal Kombat during Midway's collapse.

Let's not kid ourselves: the fresh shrimp flown in this morning at this THQ buffet is the Saints Row franchise. The latest game has shipped 5 million units and the franchise has sold 11 million units. Both EA and WB's portfolios are missing an established sandbox crime game - and the bonus of having a new Saints Row delivered this year on a platter.

JoystiqTHQ's individual franchises up for grabs, more show up to bid originally appeared on Joystiq on Mon, 07 Jan 2013 15:30:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>bankruptcysaints-row-the-thirdthqthq-bankruptcyMon, 07 Jan 2013 15:30:00 EST<![CDATA[Events 2012: THQ's collapse]]>http://www.joystiq.com/2012/12/31/events-2012-thqs-collapse/http://www.joystiq.com/2012/12/31/events-2012-thqs-collapse/http://www.joystiq.com/2012/12/31/events-2012-thqs-collapse/#comments THQ stock plummets during morning trading
"Who the @!#* is Kevin Dent?" That's how the 2012-encapsulated story of THQ's demise as a publicly traded company began in January. Dent, an industry insider who also chaired the IGDA Mobile SIG, became a bomb-dropping soothsayer of THQ's future. Industry pundits didn't know what to think about him, but as 2012 concludes, it's clear he was the Cassandra of the year.

With the financial and human toll of THQ becoming bleaker as the year pressed on, the company finally admitted in early November it was seeking "strategic alternatives" and its stock plummeted 50 percent. THQ announced in mid-December it had filed for bankruptcy, gone private and even revealed a couple unannounced projects. Some highlighted features from the beginning, middle and end of THQ in 2012:

JoystiqEvents 2012: THQ's collapse originally appeared on Joystiq on Mon, 31 Dec 2012 13:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>events-2012thqthq-bankruptcyMon, 31 Dec 2012 13:00:00 EST