THQ hands Devil's Third back to Itagaki, Valhalla

This has not been a good year for THQ, with the company now revealing it has returned action title Devil’s Third. All intellectual property and rights to the game have been handed back to Valhalla, the studio run by Ninja Gaiden creator Tomonobu Itagaki.

The public statement from THQ is short and to-the-point:

THQ confirms that the company will not be publishing Devil’s Third. All of the game’s IP rights have been returned to Itagaki-san and the Valhalla team.

While disappointing, the news is not necessarily surprising – back in May, Devil’s Third was unceremoniously dropped in a week which also saw South Park: The Stick of Truth delayed into 2013. Earlier in the year, the company also slashed jobs after rebranding its Warhammer MMO as a single-player release, following the company’s net loss of $55.9 million in the quarter ending December 31, 2011.

THQ reportedly made several attempts to find a new publisher for Devil’s Third, but today’s revelation proves that was unsuccessful. At this stage, specific terms of the Valhalla deal have not been released, and no new publisher has been announced for Devil’s Third, which is reportedly in the last stages of development.

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