THQ has gone under

[solidsnakejej]

Cancelled all their IPs for 2014, Looking for Buyers

Twitter account news is coming from:https://twitter.com/#!/TheKevinDent

Sense it's hard to go through all the tweets, neogaf's thread:http://www.neogaf.com/forum/showthread.php?t=459014

[D3adcell]

Other than Warhammer and Darksiders I can't think of a game they have released that's been any good. They put alot of shit games out on Wii and DS and don't really focus on quality.

[Crazybone126]

I don't think they're going under. I just think they realized they've been developing shit games and finally came to their senses and cancelled them.

[frosty]

They do have games that sell. Their WWE games are the best selling fighting franchise out there.

[KRA]

well i was thinking that Saints Row the third was quite succesfull.
last warhamer game was quite positive surprise too.
and then their UFC games are good and i think are selling well
so it would be strange if they go under now.

[Crazybone126]

well i was thinking that Saints Row the third was quite succesfull.
last warhamer game was quite positive surprise too.
and then their UFC games are good and i think are selling well
so it would be strange if they go under now.

Yeah, I don't think they're going under. I think they're just "cleansing" their inventory. Especially since 2014 is probably going to be the official beginning of the next-generation of consoles.

[Segitz]

At the latest, at least from my prediction (which is very false, though).

The only REAL failure on THQs part in the more recent past was Homeland, and that wasn't THAT much of a failure, either. But I wonder how much WWE and UFC cost in terms of licensing... obviously not as much as FIFA or NFL, but still pretty pricey I suppose.

Patrice Desilets (Assassin's Creed) recently turned to THQ after leaving Ubisoft... makes me wonder what he's been doing so far in that time.

[solidsnakejej]

^^ Forgetting uDraw on the HD consoles which ended up failing to sale.

[Segitz]

^^ Forgetting uDraw on the HD consoles which ended up failing to sale.

Wah... you can't fail me for forgetting that... plus I though it was a Ubisoft joint... meh.

[Viper]

They've been a financial disaster for several years now. THQ getting sold surprises me for one reason....that it hasn't already happened.

[Crazybone126]

From THQ's Twitter account.

Lots of rumors floating around. Let's end them now >> RT @Kotaku: THQ Says it has "Not Cancelled" its 2014 Lineup http://t.co/yfMxGzgT

There's no way they can be performing THAT bad. They have the UFC and WWE series, the Metro series, Saints Row series, and plenty of other series that are performing quite well. Actually, since they've rebranded themselves with the new logo, they've actually been doing better, imo.

[solidsnakejej]

News keeps going up and down,

Saints Row publisher THQ has been threatened with delisting from the Nasdaq stock exchange.

The company has until July 23 for bid price of its stock to rise above $1 per share for a minimum of 10 consecutive days. Stock is currently valued at 70 cent per share and has fallen over four years from a high of $36.

The struggling company said last week that it intends to focus on the core gaming audience and shelved future ambitions in the kids' market. Over the past two years it has canned numerous projects and cut staff significantly.

http://www.gamesindustry.biz/article...sdaq-delisting

[frosty]

I tried contacting one of the THQ reps I used to deal with at the events they would invite me to, and her e-mail bounced back. She must have been one of the ones to get cut. Sucks, because she was cool.

[Viper]

Sounds like an opportune moment for a bigger studio to get out the checkbook.

[Segitz]

Probably not too bad... they do have some interesting franchises with Saints Row, Metro 2033, Darksiders and Warhammer... even Red Faction might still make the list. Not sure how that's all "owned" per se by that publisher, but they surely have some control over some of that stuff.

Too bad that it will be either EA or Activision doing it. I can't see either Sony, MS or Nintendo doing it... MS not, because they've been "out of the developer business" for quite a while now, except for some remnants, Nintendo... (from what I know) they don't really buy that stuff, and Sony because they don't have the money at the moment for such an undertaking. Apple could fit the bill, but I doubt that, too. Also, the manufacturers would a HELL of a lot of market, because they limit themselves to their own consoles, which third parties don't do. Not sure about Bethesda... they might buy some IPs, though...

[SadPanda]

I'd like to see Id take on Metro2033

[Viper]

Viacom is a likely buyer.

[solidsnakejej]

170 more layoffs expected today
http://www.eurogamer.net/articles/20...s-today-report

[solidsnakejej]

Up to 240 jobs cuts announced today, Exces take pay cut, plan on restructuring.

Facing a Wall Street delisting and flagging sales, publisher THQ today outlined plans for a massive restructuring that eliminates up to 240 jobs and cuts the pay of execs by as much as fifty percent.

“On January 26, 2012, Company’s management initiated a plan of restructuring in connection with the updated business strategy in order to appropriately adjust the Company’s operating expenses to better align with the expected revenues under the updated strategy,” according to an SEC filing. “The restructuring plan involves a realignment of the organizational structure resulting in reductions of up to 240 selling, general and administrative personnel worldwide. The majority of the restructuring plan is expected to be implemented by March 31, 2012, with the remainder completed by September 30, 2012.”

The plan also reduces company president and chief executive officer Brian J Farrell’s base salary by fifty percent, down from $718,500 to $359,250 for one year. It also reduces any lump pay tied to Farrell leaving or being fired without cause by a third.

The rest of the company’s directors were also hit with a one year, fifty percent pay cut.

THQ says in the filing that the massive layoffs and pay restructuring are all tied to the companies “updated business strategy” which has them refocus their energies on core video game franchises and digital initiatives. The company decided to stop making kids’ licensed video games. The cut in staffing is a reflection of how much the company thinks it can make under this new plan, according to the filing.

The company expects to spend about $8 million in severance and half a million in contract terminations.

http://subcathoin.tumblr.com/post/16...y-cuts-hit-thq

[solidsnakejej]

The disaster that was uDraw HD

Revenue from the PlayStation 3 and Xbox 360 versions of THQ's uDraw tablet peripheral was a staggering $100 million below the publisher's expectations.

Speaking during an investor Q&A earlier today, CFO Paul Pucino revealed that the publisher has around 1.4 million unsold units collecting dust in its inventory.

"Revenues were lower by about $100 million," admitted Pucino.

"Where that $100m comes from is we have about 1.4 million units still in inventory that we haven't sold that we planned on selling. If you think about an average price of about $56 or so, that accounted for a shortfall of about $80 million."Then the million or so units that we did sell-in we had to sell at a lower price. That, coupled with software sales that are associated with uDraw being lower as well, totals about $100 million.

http://www.eurogamer.net/articles/20...udraw-disaster

They are also seeking a partner for their MMO Warhammer Dark Millennium Online, and next metro delayed to 2013.

They laid off half their company last year.