Jan 24 Videogame maker THQ Inc said it
received court approval to sell its assets to various
buyers for about $72 million and will split up following the
The company will sell Relic Studios to Japanese video game
software developer Sega Corp for $26.6 million while
Koch Media GmbH will buy Volition Inc and video game "Metro:
Last Light" for $22.3 million and $5.9 million, respectively.
Volition is the maker of THQ's best selling "Saints Row"
series. The company's publishing businesses, Vigil Games and
certain other intellectual properties were not part of the sale
"South Park: The Stick of Truth", a role-play video game
based on the popular U.S. animated television series "South
Park" is being sold to Ubisoft LLC for $3.3 million.
THQ received court approval earlier this month for a longer
bankruptcy auction process that allowed other parties to bid for
its assets, after it reached an agreement with a committee
representing unsecured creditors.
The company appointed private investment firm Clearlake
Capital Group as the "stalking horse" or lead bidder for the
entire company and asked the court for an unusually quick
The move was criticized by the company's unsecured creditors
who said it gave an unfair advantage to Clearlake and was
designed to specifically thwart other potential bidders.
"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," said THQ Chief Executive Brian Farrell.
The case is In Re: THQ Inc, U.S. Bankruptcy Court, District
of Delaware. No:12-13398.