THQ To Cut 240 Employees

Agoura-based THQ said Thursday that it is chopping 240 jobs as part of a "realignment" of its organization, as it exits the kids licensed video game market. The layoffs come after the firm missed Wall Street estimates, with revenues of $404.4M. THQ said the cuts would save the firm approximately $160M annually between general and administrative costs and product development. THQ also cut the salary of President and CEO, Brian J. Farrell, by 50 percent, from $718,500 to $359,250, for one year.