THQ is dissolved today, studios and IP’s auctioned off

THQ will cease to exist as a company soon, as the company was dissolved today and many of its assets were auctioned off, according to an internal letter sent by THQ’s Chief Executive Officer Brian Farell, and President Jason Rubin.

“While the company will cease to exist, we are heartened that the majority of our studios and games will continue under new ownership,” reads the letter.

THQ’s assets were split up during an auction today, sending many studios and upcoming games to different publishers. These are the following details MonsterVine has gathered concerning the result of the auctions:

• Sega purchased Relic Games for $26.6 million, according to Polygon.com. Relic is currently working on “Company of Heroes 2.”

• Koch Media, parent company to Deep Silver, purchased Chicago based studio, Volition Games, as well as two of THQ’s intellectual properties, “Metro” and “Saints Row.” Koch made an official announcement in a press release sent today.

“Koch Media welcomes the addition of these magnificent franchises to the Koch Media family of entertainment properties,” said Dr. Klemens Kundratitz, CEO of Koch Media GmbH.

• Ubisoft grabbed THQ Montreal and the publishing rights to “South Park: Stick of Truth.” “This deal adds experienced developers to our internal creative teams at a key moment in the cycle of the video game industry,” said Yannis Mallat, president of Ubisoft Montreal in a press release sent by Ubisoft.

• According to the same press release, Ubisoft acquired a new intellectual property in development at THQ Montreal.

• Crytek purchased the “HomeFront” franchise for $500,000, according to Distressed Debt Investing.

• Distressed Debt is also reporting that Take Two Interactive purchased the new intellectual property “Evolve” from developer Turtle Rock Studio for $11 million.

• According to IGN.com, the “WWE” license was sold off to Take Two Interactive. No details are available on the purchase at this time, as the deal has not been finalized, reports IGN.

There are some assets that were left out of the sales agreements today.

“Some assets, including our publishing business and Vigil, along with some other intellectual properties are not included in the sale agreements,” reads the internal letter sent by Farrell and Rubin. “They will remain part of the Chapter 11 case. We will make every effort to find appropriate buyers, if possible.”

THQ began working with private investment firm Clearlake Capital Group when the company announced that it filed for Chapter 11 bankruptcy. The LA Times reported that Clearlake agreed to enter a $60 million “stalking horse” bid for THQ’s U.S. assets.

“The work that you all have done as part of the THQ family is imaginative, creative, artistic and highly valued by our loyal gamers,” reads the internal letter. “We are proud of what we have accomplished despite today’s outcome.”

You can read the full letter at Kotaku