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Deep Silver confirms acquisition of Saints Row, Metro and Volition
Koch Media/Deep Silver officially announced today it has secured the intellectual property rights for two THQ franchises: Saints Row and Metro. It has also obtained Volition, the Chicago-based development studio responsible for Saints Row."These franchises hold a special place in the hearts and minds of anyone who loves exceptional video games," said Deep Silver COO Geoff Mulligan. "We're thrilled to usher in a new era for these franchises and are proud to welcome the visionaries and talented forces at Volition on board."Although Deep Silver doesn't mention the cost of these acquisitions, the Saints Row IP and Volition Studio sold for $22.3 million, according to documents obtained by Joystiq, while the rights to Metro 2033 and upcoming sequel Metro: Last Light sold for $5.9 million. Deep Silver will elaborate upon future plans for each franchise in the coming months.
New THQ Montreal game in auction filing: Underdog
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.
THQ bid winners, prices and runners-up
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 CorporationBackup bidder: $26.3 million - Zenimax MediaTHQ Montreal (studio), with 1666 (IP) and Underdog (IP)Winning bid: $2.5 million - UbisoftBackup bidder: N/A
Report: THQ assets divided
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)
Report: Sega purchases Relic during THQ auction
Update: A letter from THQ CEO Brian Farrell and president Jason Rubin to their employees appears to corroborate the below information, as well as provide further details regarding the results of the auction. Sega may be the proud new owner of Relic Entertainment, based on initial signs coming out of this week's THQ asset auction. Relic developer Kyle Berndt has tweeted that he is now a Sega employee, indicating that the company may have been purchased by Sega during the auction proceedings.No official announcements have been made regarding the fates of THQ's various studios and their respective intellectual property, but we're keeping our collective ears to the ground as more news continues to trickle down.
South Park Studios battles THQ over potential sale of The Stick of Truth
On 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.
New THQ sale on Amazon: Metro 2033, Saints Rows, Red Factions
THQ is at it again on Amazon, this week offering a bundle of 19 game downloads for $25, including Darksiders 1 and 2, Metro 2033, Red Faction Armageddon and Guerrilla, Saints Row 2 and The Third, and four Warhammer 40,000 games. This THQ Mega Pack normally runs $50, putting it at half off now through January 26. Buying the games individually would run into the hundreds of dollars.Last week Amazon hosted the Tantalizing THQ Medley, which was six games for $12. The THQ Mega Pack includes all if the games in the Tantalizing bundle except for S.T.A.L.K.E.R.: Shadow of Chernobyl. It's like a message from on high – buy some THQ games already.See below for the entire list of games included in the THQ Mega Pack.
Amazon THQ sale: Metro 2033, Red Faction Guerrilla, more for 91% off
The Tantalizing THQ Medley on Amazon includes downloads of Metro 2033, Homefront, Red Faction Armageddon, Red Faction Guerrilla, S.T.A.L.K.E.R.: Shadow of Chernobyl and Warhammer 40,000: Space Marine, all for $12. Regularly priced, this bundle comes out to $118, so that's a savings of 91 percent. Buying all six games is cheaper than getting one by itself, so if you're in the market for any of these, it's your lucky day.Actually, it's your lucky days: The Tantalizing THQ Medley will be on sale through January 20 as Amazon's Deal of the Week.
Double Fine requests paperwork in THQ bankruptcy, auction details posted
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.
THQ will sell whole unless exceeded by individual asset bids
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.
THQ's individual franchises up for grabs, more show up to bid
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.
Judge denies THQ's plan for a quick sale as Warner Bros., others show interest
Earlier this week, the various organizations to which THQ owes giant piles of money filed an objection, claiming that the developer/publisher's bankruptcy plan for a quick sale to Clearlake Capital Group was designed to minimize harm to its staff and leadership, rather than maximize its ability to pay back its debt obligations. As is the way with these sorts of things, a hearing was held yesterday to get the situation sorted, during which U.S. bankruptcy judge Mary F. Walrath concluded that THQ's plan does not allow enough time for interested parties other than Clearlake Capital Group to get properly involved in the process. Therefore, the plan is rejected. "I am not convinced that we are under the gun to have a sale process by the 15th," Walrath said during the hearing, according to Business Week. Another hearing has been scheduled for Monday, January 7. "In the meantime I think the parties need to talk."Meanwhile, five companies are in the process of due diligence, Centerview Partners banker Sam Greene testified during the hearing. Warner Bros. lawyer Howard J. Weg was also in attendance, saying that WB would be interested in further exploring THQ's available assets, should the sales period be extended.Buying up franchises from bankrupt developers is nothing new for Warner Bros., and considering how well Mortal Kombat turned out, it may not be a terrible development, should it come to pass. Imagine, for instance, a Saints Row game developed by RockSteady, or a Darksiders fighting game developed by NetherRealm Studios. Worse things have happened.
Creditors, Trustee object to THQ sale conditions
Back when THQ filed for Chapter 11 bankruptcy last month, the plan was for the developer/publisher would be sold to Clearlake Capital Group in one big chunk within 30 days, preventing the need for layoffs and avoiding the need to split THQ's various franchises up and sell them a la carte. While this plan sounds like a best-case scenario for THQ given the circumstances, other parties involved in the process have doubts, and have subsequently filed official objections.There's a lot of complicated legal stuff going on, but the situation essentially breaks down like this: US Trustee Roberta DeAngelis has filed an objection over the sale's time table, saying that the 30-day window is far too small to give parties other than Clearlake Capital Group a chance to bid and participate in the sale. She also took issue with a stipulation in THQ's plan that awards $2.25 million to Clearlake in the event that a different company wins the bid; that amount is disproportionately large with respect to the cash value of the purchase price, she claims.A consortium of THQ's creditors have also filed an objection, claiming that THQ's proposed bidding procedures "appear to have been designed specifically to thwart any potential bidders from stepping forward to compete with Clearlake's bid," taking issue with the sale's time table and "requirement that prospective purchasers bid on the Debtors 'as a whole' rather than on a 'piecemeal' or 'title-by-title' basis."In essence, the creditors feel as though the process has been designed to keep THQ operational, rather than to pay back its debts: "Rather than being designed to maximize the value of the Debtors' estates, the Bidding Procedures, by design or otherwise, render the 'auction process' meaningless and virtually guarantee that Clearlake will be the ultimate buyer, thereby ensuring that the Debtors' management retain their positions within, and operating control over, the Debtors' organization."A hearing is scheduled for tomorrow, during which we're confident at least two lawyers will make more money than we'll ever see in our entire lives. They'll probably also talk about this stuff.
Events 2012: THQ's collapse
"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: The Joystiq Show at DICE with Kevin Dent from early February. We spoke to Dent to get better idea of who he was and why he spoke out. Take-Two CEO Strauss Zelnick says THQ "won't be around in six months" and then apologizes. But, in the end, he was pretty much on the mark. Wedbush Securities' Michael Pacter explains THQ bankruptcy on day it occurred.
Everything Darksiders for $13.19 on Amazon
No, "Everything Darksiders" isn't the name of a new apocalypse-themed cookbook from THQ, although that would be pretty sweet. What we're saying, if you'd listen for five minutes, is that Darksiders, Darksiders 2 and 11 pieces of Darksiders 2 DLC can all be purchased from Amazon as a Darksiders Franchise Pack for $13.19.There is a catch of course, which is that the pack is A) download only and 2) PC only, so anyone without Windows and some phat pipes is in for a struggle. For everyone else though, this sale could at least facilitate an ironic way to ride out Friday's end of the world.
Super Joystiq Podcast Special: Michael Pachter explains THQ bankruptcy
THQ is not having a good day, and we're here to explain why.On this Super Joystiq Podcast Special, Alexander calls in Wedbush Securities' Michael Pachter to shed light on some of the more technical details of THQ's financial situation. Pachter talks the in-and-outs of THQ's Chapter 11 bankruptcy filing, what it could mean for the publisher's current properties, and more.Listen to the Super Joystiq Podcast: Subscribe to the Super Joystiq Podcast in iTunes Super Joystiq Podcast is also available in the Zune Marketplace Add the Super Joystiq Podcast feed to your RSS aggregator Download the MP3 directlyDetails about each segment are available after the break.
Unannounced THQ games from Vigil, Turtle Rock, more in bankruptcy filing
THQ's filing for chapter 11 bankruptcy includes a rundown of all of its current projects and lists a few unannounced games from Vigil Games, Turtle Rock, Relic Entertainment and Patrice Desilets, who is at THQ Montreal.Relic Entertainment is developing a project under a working title of "Atlas," set to launch in 2014, as well as Company of Heroes 2, the filing states.Turtle Rock Studios, previously involved in Left 4 Dead 2 and Counter-Strike Source, is developing a co-op, multiplayer action game called Evolve. THQ filed a trademark for Evolve in March.THQ Montreal is working on 1666, another trademark THQ filed in March.Vigil Games, the team behind the Darksiders series, is working on a game called Crawler. No more information about this project is revealed in the filing and this is the first murmur of its existence.THQ game director Jason Rubin tweets that all current projects are on track for their scheduled release dates, including Company of Heroes 2, Metro Last Light and South Park: The Stick of Truth, while Saint's Row and Homefront follow-ups are still a go.
THQ selling assets, files bankruptcy
THQ has filed for Chapter 11 (reorganization) bankruptcy and has entered into an asset purchase agreement with Clearlake Capital Group, a private equity firm. Clearlake is "to acquire substantially all of the assets of THQ's operating business, including THQ's four owned studios and games in development." THQ's stock on the Nasdaq exchange has been halted, with the company expecting to be delisted within nine calendar days. "The sale and filing are necessary next steps to complete THQ's transformation and position the company for the future, as we remain confident in our existing pipeline of games, the strength of our studios and THQ's deep bench of talent," said THQ CEO Brian Farrell. THQ hopes to have the sales process completed in 30 days. No layoffs are planned or announced at this time, with employees to be paid normally and work normal schedules. THQ announced in early November that is was seeking "strategic alternatives" to its dire financial situation. Clearlake has agreed to serve as the "stalking horse bidder," a fancy term for an interested buyer chosen by the company, but there could be other interested buyers.
THQ considering Linux and other platforms after Humble Bundle success
After the THQ bundle recently brought in over $5 million (split between THQ, charity donations, and "tips" to the bundle's organizers), the company's president Jason Rubin admits that he's looking at possible markets differently lately. Rubin's Twitter account says he "got the Linux message loud and clear" from the bundle, and he later told Polygon that "the message I took away from a large number of tweets and comments around the THQ Humble Bundle sale is that there are vibrant communities of gamers using other operating systems besides the dominant ones, and a company like THQ should not overlook them."In other words, there's opportunity for THQ in selling computer games outside of the standard Windows ecosystem. Rubin has no plans yet, but he says the analysis has started, and the company is "committed to look at anything that makes sense" in terms of releasing titles on platforms other than simply Windows. In the past, THQ has released Mac versions of its Company of Heroes series through a third-party publisher, but it sounds like Rubin is considering a more widespread solution for cross-platform releases after this feedback. He says THQ should have more to announce soon.
Braving the elements in Company of Heroes 2
There's a panicked struggle at the heart of every engagement in Company of Heroes 2's multiplayer mode. While a lot of real-time strategy games will emphasize squad matchups as a primary means of success in force, Company of Heroes 2 has a much more dynamic environment constantly providing interesting variables to every skirmish.Much of my own success was ensuring my squads were pressed up against a wall or moving from building to building – staying out of the open. Most real-time strategy enthusiasts and really anyone who's seen a war movie in their life will tell you that's basic stuff, but what makes it feel so special in Company of Heroes 2 is just how rewarding it is to see it impact gameplay. A squad with good cover can take on several adversaries and still live to tell the tale.%Gallery-173116%
