Farrell "heartened" majority of THQ studios and IPs "continue under new ownership"
Posted: 24.01.2013 15:10 by Simon Priest Comments: 1
Brian Farrell and Jason Rubin have discussed a little about the closing moments of publisher THQ, of which both were leading executives. Farrell does "sincerely regret this outcome" for those out of work.

Rubin adds that he was brought in to "help turn this ship around," and while disappointed never everyone was saved, he echoes Farrell in being grateful for those that were snapped up.

Former THQ president Brian Farrell and CEO Jason Rubin told 'bought' employees in the auction that some positions most likely "will not be needed under the new ownership."

A number of studios and properties were grabbed, like Volition and Saints Row by Koch Media, by not everyone was so fortunate with Vigil and the Darksiders IP left out in the cold. "We expect that most employees of the entities included in the sale will be offered employment by the new owners," the former bosses said in an email.

"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." Also notably absent from the auction was the WWE license.

Relic Entertainment, home to Company of Heroes, was allegedly bought for $26 million by SEGA.

"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 Farrell. "It has been my pleasure to work alongside this great group of people, and I am proud of the imaginative and artistic games that our team has created."

"Although we will no longer be able to work together with a unified mission, I am confident that the talent we have assembled will continue to make an impression on the video game industry. For those whose positions are not likely to continue, I sincerely regret this outcome and we will be meeting with you over the next few days to discuss the transition."

Rubin expressed his thoughts to "I was brought in eight months ago to help turn this ship around, and while I'm disappointed that we could not effect a sale for the entire operating business, I am pleased that the new buyers will be providing jobs to many of our very talented personnel."

"When we first announced the sale process, I said I would be happy if the company's games and people had a bright future, even if it meant I did not have a job at the end of it. And I still feel that way.”

Koch paid $22.3 million for Volition, while Take-Two paid around $11 million for the Evolve IP. Homefront was acquired by its current developer, Crytek. The auction closed near $100 million, reports Distressed Debt Investing.


By herodotus (SI Herodotus) on Jan 24, 2013
First step in selling off a company - fire the employees, retaining only the minimum talent required to keep the company valuable as a sellable' entity.
"While we had hoped that the restructuring process would allow the company to remain intact,..."
Now who's kidding who?