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Source: THQ to Purchase Elephant Entertainment

GameDaily BIZ has learned from an industry source that THQ is preparing to acquire Minneapolis-based game publisher startup Elephant Entertainment, a company founded by former longtime Atari executive Wim Stocks. THQ would neither confirm, nor deny the news, simply telling Gamedaily that it's their policy not to comment on rumor. Gamedaily has been hearing that the deal will be done by Friday.

Stocks launched Elephant in June 2006, and the company generated revenues greater than $6 million in its first year, according to the Star Tribune. The company has partnered with Oberon Games, K2 Network and Planetwide Games, and has worked on casual titles like Cake Mania 2, first-person shooters like War Rock, and MMOs such as Sword of the New World. Elephant Entertainment was in the news more recently when, along with Oberon, it partnered with acclaimed author James Patterson to create mass-market casual games based on his best selling novels.

Wedbush Morgan Securities analyst Michael Pachter, who covers THQ stock, said the deal, if it happens, "makes a lot of sense."

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