THQ has a "Rainbow" over their heads
Following the announcement to acquiring developer Rainbow Studios, THQ has issued a press release stating that they have completed their aforementioned announcement of acquiring the acclaimed developer. The 3rd party, who's currently most notable for their WWF efforts, has announced that as of 1/02/02, Rainbow Studios is a wholly owned subsidiary of THQ Inc., (Nasdaq: THQI). For those who don't know, Rainbow Studios has developed incredible titles such as ATV: Offroad Fury for Sony, Splashdown for Infogrames, and Motorcross Madness 1-2 for Windows compatible PCs. Under the acquisition, Rainbow Studios will be allowed to complete their current projects, Star Wars: Racer Revenge for LucasArts and Matt Hofman's Pro BMX 2 for Activision. Rainbow Studios' founders, Mark DeSimone and Tony Sutterheim, will continue to hold their positions as President of Games Division, and President of Animation Division -- respectively speaking.
"Acquiring Rainbow further strengthens THQ’s network of internal development studios," said Jeff Lapin, vice chairman and COO, THQ. "We look forward to leveraging their expertise in creating original action and racing game content, two of the biggest genres in console gaming."