THQ Games to be Sold to Highest Bidder
Written Tuesday, January 08, 2013 By Lee BradleyView author's profile
THQ’s plans to facilitate a quick and cheap to Clearlake Capital have failed. As a result, the publisher’s games and franchises will now be put up for auction to the highest bidder.
"Parties have come to agreement: THQ auction now on Jan 22nd," said Distressed Debt Investing. "The auction will allow for piecemeal ("title by title") sales of THQ assets."
Among the publishers said to be sniffing around are EA, which according to DDI has “already completed site visits." Warner Bros. and Ubisoft are also said to be interested.
It’s a great blow for THQ. The publisher hoped to sell its assets to Clearlake Capital for around $60 million, in a deal that would have kept the publisher operating in a relatively normal manner.
It also would have allowed the company to get its current slate of games out and some money in.