THQ was first founded as a toy company in 1989, but started to make popular video games based on children television shows. It received licenses from prestigious Hollywood companies to make games such as Pixar animation and Nickelodeon. They continued to make games for children such as Spongebob: The movie and Tak and the Power of Juju, which sold to many young children. As one of the oldest gaming companies, they have spread throughout North America and have thousands of employees working for them.
The first-person shooters industry, however, became a more popular market that would beat out the licensed childrens game industry and put THQ in a difficult position. They started to release new games for the older market but they did poorly, due to inadequate stories and little to no character development. Games such as this are Homefront, The Punisher, and Red Faction: Armageddon which were highly anticipated but ultimately fell flat and displayed THQ inability to keep up with the new gaming market. On December 19, 2012, THQ filed for chapter 11 bankruptcy.
The creditors and bankruptcy judge would not allow THQ to sell the company and instead creditors approved an auction for THQ properties to be sold off. Crytek purchased the rights to the Homefront franchise, Take-Two Interactive bought the WWE publishing rights, and Koch Media bought Volition Inc. and Metro publishing rights. Vigil Games and THQ publishing were not sold and all of its employees will be laid off.
The fall of THQ symbolizes a new era in the gaming industries. As the oldest gaming company around presently, they symbolize an archaic gaming company that could not produce quality content. With their franchises in the hands of others, these games have hope to redeem themselves.