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Jan 24th, 2013
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  1.  
  2.  
  3. To All THQ Employees:
  4.  
  5. We now have the answers we've been seeking through our financial restructuring and
  6. Chapter 11 case. While much will be written, here are the facts of the bids and auction
  7. that occurred t:
  8.  
  9. Yesterday morning, we received a competing bid for the operating business,
  10. along with Clearlake's offer, and numerous offers for separate assets.
  11. During an auction process that lasted over 22 hours, the final conclusion was
  12. that the separate-asset bids would net more than a single buyer for the majority
  13. of the company.
  14. Shortly, we will, present the results to the U.S. Bankruptcy Court, which must
  15. concur with our assessment.
  16. The proposed sales of multiple assets is as follows :
  17. Sega agreed to purchase Relic
  18. Koch Media agreed to purchase Volition and Metro
  19. Crytek agreed to purchase Homefront
  20. Take 2 agreed purchase Evolve and
  21. Ubisoft agreed to purchase Montreal and South Park
  22.  
  23. We expect these sales to close this week.
  24.  
  25. Some assets, including our publishing businesses and Vigil, along with some other
  26. intellectual properties are not included in the sale agreements. They will remain part of
  27. the Chapter 11 case. We will make every effort to find appropriate buyers, if possible.
  28.  
  29. What this means for employees
  30.  
  31. We expect that most employees of the entities included in the sale will be offered
  32. employment by the new owners. However, we cannot say what these owners may
  33. intend, and there will likely be some positions that will not be needed under the
  34. new ownership. You should receive notice this week or early next week if the new
  35. owners intend to extend employment to you. Please note that the terms of your new
  36. employment, including pay and benefits, may be different from the current terms of
  37. your employment with THQ.
  38.  
  39. If you are an employee of an entity that is not included in the sale, we regret that
  40. your position will end. A small number of our headquarters staff will continue to be
  41. employed by THQ beyond January 25 to assist with the transition. THQ has sufficient
  42. resources to pay these employees for work going forward, and we will be contacting
  43. these employees immediately to ensure their continued employment during this
  44. transition period. We are requesting the ability to offer certain severance pay to
  45. minimize disruption for employees of non-included entities as they determine the next
  46. steps in their careers.
  47.  
  48. We know you will have many questions about this news. We'll be meeting tomorrow
  49. when we return to talk through this announcement and to answer any questions you
  50. have. You will receive a benefits fact sheet and FAQs with answers to some questions
  51. that may be on your mind. Please review these materials closely.
  52.  
  53. A personal note
  54.  
  55. The work that you all have done as part of the THQ family is imaginative, creative,
  56. artistic and highly valued by our loyal gamers. We are proud of what we have
  57. accomplished despite today's outcome.
  58.  
  59. It has been our privilege to work alongside the entire THQ team. While the company
  60. will cease to exist, we are heartened that the majority of our studios and games will
  61. continue under new ownership. We were hoping that the entire company would remain
  62. intact, but we expect to hear good news from each of the separate entities that will be
  63. operating as part of new organizations.
  64.  
  65. For those THQ employees who are part of entities that are not included in the sale, we
  66. are confident that the talent you have displayed as part of THQ will be recognized as you
  67. take the next steps in your career.
  68.  
  69. Thank you all for your dedication and for sharing your talent with the THQ team. We
  70. wish you the best of luck and hope you will keep in touch.
  71.  
  72. Sincerely,
  73.  
  74. Brian Farrell
  75. Chief Executive Officer
  76.  
  77. Jason Rubin
  78. President
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