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THQ CEO sends final letter to employees

To All THQ Employees:

We now have the answers we've been seeking through our financial restructuring and
Chapter 11 case. While much will be written, here are the facts of the bids and auction
that occurred t:

Yesterday morning, we received a competing bid for the operating business,
along with Clearlake's offer, and numerous offers for separate assets.
During an auction process that lasted over 22 hours, the final conclusion was
that the separate-asset bids would net more than a single buyer for the majority
of the company.
Shortly, we will, present the results to the U.S. Bankruptcy Court, which must
concur with our assessment.
The proposed sales of multiple assets is as follows :
Sega agreed to purchase Relic
Koch Media agreed to purchase Volition and Metro
Crytek agreed to purchase Homefront
Take 2 agreed purchase Evolve and
Ubisoft agreed to purchase Montreal and South Park
We expect these sales to close this week.


Some assets, including our publishing businesses and Vigil, along with some other
intellectual properties are not included in the sale agreements. They will remain part of
the Chapter 11 case. We will make every effort to find appropriate buyers, if possible.

What this means for employees

We expect that most employees of the entities included in the sale will be offered
employment by the new owners. However, we cannot say what these owners may
intend, and there will likely be some positions that will not be needed under the
new ownership. You should receive notice this week or early next week if the new
owners intend to extend employment to you. Please note that the terms of your new
employment, including pay and benefits, may be different from the current terms of
your employment with THQ.

If you are an employee of an entity that is not included in the sale, we regret that
your position will end. A small number of our headquarters staff will continue to be
employed by THQ beyond January 25 to assist with the transition. THQ has sufficient
resources to pay these employees for work going forward, and we will be contacting
these employees immediately to ensure their continued employment during this
transition period. We are requesting the ability to offer certain severance pay to
minimize disruption for employees of non-included entities as they determine the next
steps in their careers.

We know you will have many questions about this news. We'll be meeting tomorrow
when we return to talk through this announcement and to answer any questions you
have. You will receive a benefits fact sheet and FAQs with answers to some questions
that may be on your mind. Please review these materials closely.

A personal note

The work that you all have done as part of the THQ family is imaginative, creative,
artistic and highly valued by our loyal gamers. We are proud of what we have
accomplished despite today's outcome.

It has been our privilege to work alongside the entire THQ team. While the company
will cease to exist, we are heartened that the majority of our studios and games will
continue under new ownership. We were hoping that the entire company would remain
intact, but we expect to hear good news from each of the separate entities that will be
operating as part of new organizations.

For those THQ employees who are part of entities that are not included in the sale, we
are confident that the talent you have displayed as part of THQ will be recognized as you
take the next steps in your career.

Thank you all for your dedication and for sharing your talent with the THQ team. We
wish you the best of luck and hope you will keep in touch.

Sincerely,

Brian Farrell
Chief Executive Officer

Jason Rubin
President

Link

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Discussion Preview
22 total comments (View all)
No Avatar
23 Jan 2013 16:27

At least I'm happy that the Montreal studio has been bought by Ubisoft. Video games will continue to be an important industry in Montreal.
User avatar
23 Jan 2013 16:28

Does this mean that some companies will never work with Nintendo, given that those who own them don't work with Nintendo (ever)?
User avatar
23 Jan 2013 16:28

Virgil, what's happening to them then?

I want my Wii U threequel in Darksiders 3 [with better story / pace]... :(
User avatar
23 Jan 2013 16:29

Thank goodness EA didn't buy any of THQ's properties.
No Avatar
23 Jan 2013 16:33

Someone tell me what's happening to saints row :(
User avatar
23 Jan 2013 16:41

Nintendude92 wrote:Someone tell me what's happening to saints row :(

Well if Koch have been paying attention they sure as hell won't let it just die.
No Avatar
23 Jan 2013 16:56

So Vigil is currently in limbo, I guess. If this means the end of the Darksiders franchise I will be extremely sad. Of course it could be worse if it gets bought by EA and then they try to continue it.

Gah, why does bad things have to happen to good companies.
User avatar
23 Jan 2013 17:11

Ubisoft purchased South Park
NO! PLEASE god NO!
Why? Why? Why?
No Avatar
23 Jan 2013 17:16

Anything bought buy Ubisoft has a good chance if coming to Wii U. If only they had bought Metro.
User avatar
23 Jan 2013 17:23

Well, that was heartbreaking... Sad to see THQ go.

@jasonmaivia
If M1 sees that, I think he'll reply...
"Companies don't want to be with Nintendo because they're kiddie, and they don't want to be viewed as that when working with them."
User avatar
23 Jan 2013 17:34

peenbbb2 wrote:Well, that was heartbreaking... Sad to see THQ go.

@jasonmaivia
If M1 sees that, I think he'll reply...
"Companies don't want to be with Nintendo because they're kiddie, and they don't want to be viewed as that when working with them."

Well that is true, image and perception count for a lot in the gaming industry.
User avatar
23 Jan 2013 17:41

Hopefully this means they will bring South Park to Wii U, since Ubisoft is actually supporting the console.
User avatar
23 Jan 2013 17:59

@Sylverstone14

We haven't seen what EA actually bought, that's a scary part.
No Avatar
23 Jan 2013 18:06

Ubi is becoming a big player in Montreal, good for them.
User avatar
23 Jan 2013 18:10

peenbbb2 wrote:Well, that was heartbreaking... Sad to see THQ go.

@jasonmaivia
If M1 sees that, I think he'll reply...
"Companies don't want to be with Nintendo because they're kiddie, and they don't want to be viewed as that when working with them."

I guess it's good that someone reads his posts. Whenever I see something he wrote I usually just skip right over to the next post :lol:
User avatar
23 Jan 2013 18:39

BlueRangerVegeta wrote:
peenbbb2 wrote:Well, that was heartbreaking... Sad to see THQ go.

@jasonmaivia
If M1 sees that, I think he'll reply...
"Companies don't want to be with Nintendo because they're kiddie, and they don't want to be viewed as that when working with them."

I guess it's good that someone reads his posts. Whenever I see something he wrote I usually just skip right over to the next post :lol:

It would probably be better for my sanity if I did.
User avatar
23 Jan 2013 19:03

Triforce of the Gods wrote:
BlueRangerVegeta wrote:
peenbbb2 wrote:Well, that was heartbreaking... Sad to see THQ go.

@jasonmaivia
If M1 sees that, I think he'll reply...
"Companies don't want to be with Nintendo because they're kiddie, and they don't want to be viewed as that when working with them."

I guess it's good that someone reads his posts. Whenever I see something he wrote I usually just skip right over to the next post :lol:

It would probably be better for my sanity if I did.

:lol: :popcorn:
User avatar
23 Jan 2013 19:05

peenbbb2 wrote:Well, that was heartbreaking... Sad to see THQ go.

@jasonmaivia
If M1 sees that, I think he'll reply...
"Companies don't want to be with Nintendo because they're kiddie, and they don't want to be viewed as that when working with them."

I remember when Burnout went to EA, and from that point on, Burnout was never seen on a Nintendo home console again.
I actually own both Burnout 1 and 2 on Gamecube, but had to buy the rest of the games that gen on Playstation 2. That's bad 3rd party support. It happened on N64, Gamecube, and Wii. I don't want to see it happen again to Wii U.
User avatar
23 Jan 2013 19:38

jasonmaivia wrote:
peenbbb2 wrote:Well, that was heartbreaking... Sad to see THQ go.

@jasonmaivia
If M1 sees that, I think he'll reply...
"Companies don't want to be with Nintendo because they're kiddie, and they don't want to be viewed as that when working with them."

I remember when Burnout went to EA, and from that point on, Burnout was never seen on a Nintendo home console again.
I actually own both Burnout 1 and 2 on Gamecube, but had to buy the rest of the games that gen on Playstation 2. That's bad 3rd party support. It happened on N64, Gamecube, and Wii. I don't want to see it happen again to Wii U.


It IS happening.... But seems like it could loosen up some!
No Avatar
23 Jan 2013 20:15

well that's some bad news

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