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GN Podcast #479
 

THQ INC. to Sell Certain Remaining Intellectual Properties

AGOURA HILLS, Calif.--(BUSINESS WIRE)-- THQ Inc. (OTC: THQIQ) today announced that it will sell certain of its remaining intellectual properties (IP) via a Court-supervised sale process. Last month, THQ sold the majority of its studios and games in development as part of its Chapter 11 case. The company expects to complete the bidding and sale process for these remaining IP assets by mid-May.

The company has designated six lots of IP titles for bidding:

Darksiders;
Red Faction;
Homeworld;
MX;
Other Owned Software, including Big Beach Sports, Destroy All Humans!, Summoner, and more; and Other Licensed Software, including Marvel Super Hero, Supreme Commander, Worms, and more. Each lot’s complete group of titles is listed at the end of this announcement.

Interested bidders must provide: 1) complete identification, including the names of corporate officers or those authorized to act on the bidder’s behalf; 2) written evidence of authority to enter into the anticipated transaction; and 3) proof of financial ability to perform the contemplated transaction. Only those bidders who meet all three requirements will be provided access to confidential information about each lot of titles once a non-disclosure agreement has been executed. Documentation meeting these three requirements should be sent to auction@thq.com.

Initial bids must be submitted by April 1, 2013. Final bids are required by April 15. The company, in consultation with its unsecured creditors committee, will determine the best and highest bid for each lot and designate a back-up bid. In May, the sales will be presented to the Court for final approval.

THQ Inc. has received more than 100 expressions of interest in purchasing various titles; consequently, a vigorous sale is anticipated. The company has established a special clearinghouse at auction@thq.com for email questions about the forthcoming sales.

Last month, the Court approved the sales of three of THQ Inc.’s owned studios and games in development, as well as Evolve, a working title under development at Turtle Rock Studios, Homefront 2, Metro: Last Light and South Park: The Stick of Truth. Under the terms of the agreements with the successful and approved bidders, the THQ estate received approximately $72 million.

THQ and its domestic business units filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Court for the District of Delaware on Dec. 19, 2012.

For additional information about THQ, please visit www.thq.com. For information regarding the Chapter 11 case, please visit www.kccllc.net/thq.

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7 total comments (View all)
User avatar
26 Feb 2013 21:07

Here's hoping that Darksiders' price is low enough for Platinum.
User avatar
26 Feb 2013 21:24

Platinum better scoop up Darksiders.
User avatar
26 Feb 2013 21:41

So how do I go about spamming Platinum about this? We can still make this a real thing.
User avatar
26 Feb 2013 22:24

I forgot about Destroy All Humans. In the right hands, that franchise could be great!
User avatar
26 Feb 2013 22:32

I hope that whoever picks up Darksiders does something with it. It would be awesome if Platinum bought it.
User avatar
26 Feb 2013 23:22

For Darksiders, hopefully, Kamiya is taking notice since he said he's interested in buying the IP.

For the other IP's, hopefully they get a new lease on life from new owners if the buyers are willing to make that purchase.
No Avatar
27 Feb 2013 01:21

it's sad , i wonder how little money they will get .

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