19 December 2012 5:16 PM, PST | The Hollywood Reporter | See recent The Hollywood Reporter news »

Thq Inc., a video game company that licenses several of Hollywood's TV and movie properties, filed for bankruptcy on Wednesday and said it will sell its business. Wednesday's revelation sent Thq's stock 74 percent lower on volume that was 10 times its norm. By the end of trading, shares had fallen $1.02 to just 36 cents each. The company said it has taken a "stalking horse" bid of $60 million from Clearlake Capital Group in hopes it will attract higher bids. It also said it has secured $37.5 million in financing from Wells Fargo and Clearlake and that it

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