Report: THQ franchises to be auctioned off on title-by-title basis

THQ has tried to maintain business as usual since it declared bankruptcy last month, but despite reassuring words from THQ president Jason Rubin, it appears that THQ's game franchises are going to be auctioned off to the highest bidder on a title-by-title basis on January 22.

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Update from THQ: The auction will be at 3 p.m. on January 22. A hearing will happen at 9 a.m. the next morning, with final approval set for the next day. Also adds comment from THQ CEO.

THQ has tried to maintain business as usual since it declared bankruptcy last month, but despite reassuring words from THQ president Jason Rubin, it appears that THQ's game franchises are going to be auctioned off to the highest bidder on a title-by-title basis on January 22.

A tweet from Distressed Debt Investing (via Polygon) revealed the news of the "piecemeal" sale after a hearing before bankruptcy judge Marry Walrath earlier today.

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

Ubisoft, Electronic Arts and Warner Bros. are reportedly interested in the assets, which include Company of Heroes, Saints Row, Homefront and Metro. According to DDI, the auction will be held on January 22nd.

Clearlake Capital had sought to purchase THQ outright, but the judge and creditors balked at the quick turnaround of the proposed deal. DDI said Clearlake has since agreed to sell off THQ's franchises. If the piecemeal sale of the assets goes for less than Clearlake's offer of $60 million, then the sale of THQ as a whole will be approved. If not, it could be the end of the publisher, with its titles and studios (Relic and Volition) parceled out to the highest bidders.

Contributing Editor
From The Chatty
  • reply
    January 7, 2012 6:00 PM

    John Keefer posted a new article, THQ frachises to be auctioned off on title-by-title basis.

    THQ has tried to maintain business as usual since it declared bankruptcy last month, but despite reassuring words from THQ president Jason Rubin, it appears that THQ's game franchises are going to be auctioned off to the highest bidder on a title-by-title basis on January 22.

    • reply
      January 7, 2013 9:58 PM

      So i guess it will depend (on a game by game basis) on those that pick these titles up if we ever see those that are due to be released this year?

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        January 8, 2013 3:46 AM

        I just hope the new companies don't dick too much with the goodies. They can have metro and homefront.

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        January 8, 2013 8:13 AM

        That's how it was with Midway back in 2009.

        Clearlake didn't do itself any favors by announcing its plans to fast-track an acquisition the day that THQ filed for Chapter 11. They should've appeased the creditors a bit more, and maybe pay a bit more.

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      January 7, 2013 10:02 PM

      With how well they've been treating the Eidos PC ports lately, the ideal situation would be that Square Enix buys them all out.

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        January 8, 2013 7:10 AM

        Squeenix doesn't have the cash, they're not doing so hot right now themselves.

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        January 8, 2013 8:41 AM

        Too bad they don't seem to get much love in return, if Steam sale number of Sleeping Dogs and Hitman Absolution indicates anything. I don't know how long they will keep their top notch PC support going this way...

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      January 8, 2013 6:33 AM

      So could you technically buy one of these franchises if you could find the money and out bid the BIG DOGS?

      [starts to think] hmmmmm

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      January 8, 2013 6:47 AM

      Well if Ubi/EA get hold of any of them its going to be the end for that game or games since every thing they touch turns to shit 99% of the time.

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      January 8, 2013 7:54 AM

      I was looking to DoW 3. Its dooooooooomed I tell ya.

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