In a tweet by Hunter from Distressed Debt Investing, it looks like Double Fine has joined the list of possible buyers for THQ's intellectual property at the upcoming January 22nd auction. Double Fine joins at least 5 other publishers eyeing THQ's assets.
Double Fine is an independent studio know for its success with the Double Fine Adventure Kickstarter campaign and also for their games Double Fine Happy Action Theater and Stacking, and has reportedly asked for a copy of THQ's bankruptcy filing.
Double Fine joins at least five other publishers including Electronic Arts and Warner Bros. who are showing interest in the auction of THQ's assets.
An initial bid, called a stalking horse bid, was put in by Clearlake Capital in an amount of $60 million in an effort to buy all of THQ's property. THQ investors felt the sum was not sufficient when compared to the potential value of the individual assets, and had the sale blocked by the courts.
After negotiations, Clearlake agreed to let the property go to auction on a title-by-title basis, but still retains the right to purchase the assets if the auction brings in less than their initial offering.
If you are interested you can read the THQ Bidding Procedure here. http://www.scribd.com/doc/119845249/THQ-Bidding-Procedures
One thing of note is that only certain assets, like titles and studios, will be up for auction, so it will be interesting to see who ends up with what.
|Topics||THQ, Gaming Industry, Electronic Arts, Auction, Warner Bros., Double Fine, THQ Auction|