Update:

Here are auction totals:

Crytek acquired the rights to Homefront for US$544,218.

Koch Media acquired Metro for $5.88 million (Ubisoft bid US$5.175 million). Koch also acquired Volition (Saints Row) for $22.3 million.

Ubisoft acquired THQ’s Montreal studio along with IPs 1666 and Underdog for $2.5 million. It also purchased the publishing rights to South Park: The Stick of Truth for US$3.3 million, although that sale is being contested by South Park Studios.

Sega acquired Relic Entertainment for US$26.6 million. Zenimax Media (Bethesda, Arcane Studios, and more) just missed out here with a bid of US$26.3 million.

Take Two Interactive acquired the publishing rights to Turtle Rock Studios' Evolve for US$10.89 million.

Original story:

A letter to all THQ employees from CEO Brian Farrell and president Jason Rubin has confirmed the successful sales of some of that company’s assets via auction, and outlined where each property is headed.

“Yesterday morning, we received a competing bid for the operating business, along with Clearlake's offer, and numerous offers for separate assets," read the letter.

"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 are 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
Ubisoft agreed to purchase THQ Montreal and South Park

“Some assets, including our publishing businesses and Vigil, along with some other intellectual properties are not included in the sale agreements,” the letter continued.

“They will remain part of the Chapter 11 case. We will make every effort to find appropriate buyers, if possible.”

Employees of the studios and working on the games included in the sale were expected to be offered employment by the new owners, although Rubin and Farrell were quick to add that they “cannot say what these owners may intend, and there will likely be some positions that will not be needed under the new ownership.”

Employees of entities not included in the sale will lose their jobs, although a small number of headquarters staff will continue to be employed by THQ beyond January 25 to assist with the transition.

THQ has requested the ability to offer severance pay to those out of a job, and a meeting with all employees will take place tomorrow.

“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,” read the letter.

“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.”