I can’t say we weren’t expecting this, but THQ has announced they’ve petitioned the U.S. Bankruptcy Court for Chapter 11 protection. But there’s a twist! The game publisher has partnered with Clearlake Capital Group, an investment firm, in an attempt to sell the company.
Under the terms of the agreement, Clearlake will purchase all of THQ’s assets in a “stalking horse bid.” This acquisition includes all of THQ’s internal studios and games in development. Clearlake has agreed to buy THQ for approximately $60 million and, as the “stalking horse” bidder, have set the low point for any future purchase of the publisher.
Jason Rubin, THQ’s President, said, “We have incredible, creative talent here at THQ. We look forward to partnering with experienced investors for a new start as we will continue to use our intellectual property assets to develop high-quality core games, create new franchise titles, and drive demand through both traditional and digital channels.”
Business at THQ will continue as usual with no layoffs or game cancellations planned.