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.