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- 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
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