Struggling publisher THQ has filed for Chapter 11 bankruptcy protection and is selling its assets.
The sale includes all four of THQ's studios - Relic, Vigil Games, Volition, and THQ Studio Montreal - as well as all games currently in development.
THQ will continue to operate during the sale period; all studios will remain open and development will also continue as normal.
The company stated that the sale would allow it to shed certain legacy obligations and emerge with "the strong financial backing of a new owner with substantial experience in software and technology".
"All of the company's studios remain open, and all development teams continue," said THQ CEO Brian Farrell.
"The sale and filing are necessary next steps to complete THQ's transformation and position the company for the future, as we remain confident in our existing pipeline of games, the strength of our studios and THQ's deep bench of talent."
Games the company is currently developing include Metro: Last Light, Company of Heroes 2, South Park: The Stick of Truth, Saints Row 4, WWE '14, Warhammer 40,000: Dawn of War III, Warhammer 40,000: Dark Millennium, Homefront 2, and WWE Brawl.
Investment firm Clearlake Capital Group has placed an interim bid on the business, which allows other interested parties to come forward with competing bids.
"We are grateful to our outstanding team of employees, partners and suppliers who have worked with us through this transition. We are pleased to have attracted a strong financial partner for our business, and we hope to complete the sale swiftly to make the process as seamless as possible," added Farrell.
"We have incredible, creative talent here at THQ. We look forward to partnering with experienced investors for a new start as we will continue to use our intellectual property assets to develop high-quality core games, create new franchise titles, and drive demand through both traditional and digital channels," said THQ president Jason Rubin.
THQ is currently worth around $60 million.