Company Exiting the Kids’ Licensed Category
AGOURA HILLS, Calif.--(BUSINESS WIRE)--Jan. 25, 2012--
THQ
Inc. (NASDAQ: THQI) announced its updated business strategy as the
company exits traditional kids’ licensed video games and focuses on its
core video game franchises and digital initiatives for the future. The
company will continue to build its strong portfolio of core game
franchises and align its resources to deliver games on both existing
consoles and new and emerging platforms. The company intends to
accelerate digital revenues by extending and supporting key console
launches, and to create dedicated digital properties for emerging
platforms.
As part of the alignment, THQ is in the process of exiting its
relationships with kids’ licensed entertainment companies but will
continue to sell certain previously released titles.
“THQ will be a more streamlined organization focused only on our
strongest franchises,” said Brian Farrell, President and CEO, THQ. “The
success of Saints Row®: The Third™ is an example of what our
revised strategy and focus can achieve. We have now shipped 3.8 million
units globally and are currently expecting to ship between five and six
million units lifetime on this title. Additionally, our robust digital
content offerings for this game have resulted in the highest digital
revenue of any console title in our history.”
The company’s five internal studios are developing games aligned to
several of THQ’s key franchises, including the upcoming launch of
UFC® Undisputed™ 3 and Darksiders® II, as well as Company
of Heroes, inSANE, Saints Row, Warhammer 40,000, and the new title
from Patrice Désilets and his team. The company also continues to work
with prominent external development talent on both existing and new
franchises. THQ’s goal is to optimize its portfolio for the current
generation of consoles and to establish new franchises on the next
generation of game devices.
THQ will discuss its new streamlined business model that reflects this
strategy in more detail on its third quarter 2012 conference call
scheduled for Thursday, February 2, 2012.
About THQ
THQ
Inc. (NASDAQ: THQI) is a leading worldwide developer and publisher
of interactive entertainment software. The company develops its products
for all popular game systems, personal computers, wireless devices and
the Internet. Headquartered in Los Angeles County, California, THQ sells
product through its global network of offices located throughout North
America, Europe and Asia Pacific. More information about THQ and its
products may be found at http://www.thq.com/.
THQ and the THQ logo are trademarks and/or registered trademarks of THQ
Inc.
THQ Inc. Caution Concerning Forward-Looking Statements
This press release contains statements that are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are based on
current expectations, estimates and projections about the business of
THQ Inc. and its subsidiaries (collectively referred to as “THQ”),
including, but not limited to, expectations of video game console and
software growth, financial guidance, estimated release dates and the
potential for online gaming. These statements are based upon
management’s current beliefs and certain assumptions made by management.
Such forward-looking statements are subject to risks and uncertainties
that could cause actual results to differ materially from those
expressed or implied by such forward-looking statements, including, but
not limited to, business, competitive, economic, legal, political and
technological factors affecting our industry, operations, markets,
products or pricing. Readers should carefully review the risk factors
and the information that could materially affect THQ’s financial
results, described in other documents that THQ files from time to time
with the Securities and Exchange Commission, including its Annual Report
on Form 10-K for the fiscal period ended March 31, 2011 and subsequent
Quarterly Reports on Form 10-Q, and particularly the discussion of
trends and risk factors set forth therein. Unless otherwise required by
law, THQ disclaims any obligation to update its view on any such risks
or uncertainties or to revise or publicly release the results of any
revision to these forward-looking statements. Readers are cautioned not
to place undue reliance on these forward-looking statements, which speak
only as of the date of this press release.
Source: THQ Inc.
Angela Emery
THQ Corporate Communications
818/871-8650
or
Lisa
Mueller
THQ Investor Relations
818/871-5125
