THQ Is No More. Here’s The Letter The CEO Sent Employees Today.



   To All THQ Employees:

   We now have the answers we've been seeking through our financial restructuring and
   Chapter 11 case. While much will be written, here are the facts of the bids and auction
   that occurred t:

       Yesterday morning, we received a competing bid for the operating business,
       along with Clearlake's offer, and numerous offers for separate assets.
       During an auction process that lasted over 22 hours, the final conclusion was
       that the separate-asset bids would net more than a single buyer for the majority
       of the company.
       Shortly, we will, present the results to the U.S. Bankruptcy Court, which must
       concur with our assessment.
       The proposed sales of multiple assets is as follows :
       Sega agreed to purchase Relic
       Koch Media agreed to purchase Volition and Metro
       Crytek agreed to purchase Homefront
       Take 2 agreed purchase Evolve and
       Ubisoft agreed to purchase Montreal and South Park

   We expect these sales to close this week.

   Some assets, including our publishing businesses and Vigil, along with some other
   intellectual properties are not included in the sale agreements. They will remain part of
   the Chapter 11 case. We will make every effort to find appropriate buyers, if possible.

   What this means for employees

   We expect that most employees of the entities included in the sale will be offered
   employment by the new owners. 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. You should receive notice this week or early next week if the new
   owners intend to extend employment to you. Please note that the terms of your new
   employment, including pay and benefits, may be different from the current terms of
   your employment with THQ.

   If you are an employee of an entity that is not included in the sale, we regret that
   your position will end. A small number of our headquarters staff will continue to be
   employed by THQ beyond January 25 to assist with the transition. THQ has sufficient
   resources to pay these employees for work going forward, and we will be contacting
   these employees immediately to ensure their continued employment during this
   transition period. We are requesting the ability to offer certain severance pay to
   minimize disruption for employees of non-included entities as they determine the next
   steps in their careers.

   We know you will have many questions about this news. We'll be meeting tomorrow
   when we return to talk through this announcement and to answer any questions you
   have. You will receive a benefits fact sheet and FAQs with answers to some questions
   that may be on your mind. Please review these materials closely.

   A personal note

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

   It has been our privilege to work alongside the entire THQ team. While the company
   will cease to exist, we are heartened that the majority of our studios and games will
   continue under new ownership. We were hoping that the entire company would remain
   intact, but we expect to hear good news from each of the separate entities that will be
   operating as part of new organizations.

   For those THQ employees who are part of entities that are not included in the sale, we
   are confident that the talent you have displayed as part of THQ will be recognized as you
   take the next steps in your career.

   Thank you all for your dedication and for sharing your talent with the THQ team. We
   wish you the best of luck and hope you will keep in touch.

   Sincerely,

   Brian Farrell
   Chief Executive Officer

   Jason Rubin
   President