Company confirms all rights to upcoming action game--now in its final stages of development--have been returned to Tomonobu Itagaki and Valhalla team.

THQ will not publish Tomonobu Itagaki's Xbox 360 and PlayStation 3 action game Devil's Third. The publisher confirmed to Eurogamer today that all rights to the project have been returned to Itagaki and his company Valhalla Games.

Devil's Third will not be published by THQ.

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

According to Eurogamer, Itagaki first revealed the news to Japanese gaming magazine Famitsu. The developer was quoted as thanking THQ for its interest in the property, but admitted that it "wasn't fit for THQ's mid-term plan."

"We were anguished and [THQ] were really kind to us," he said. "Mr. Danny Bilson was searching for a way to work together until the very end. I do appreciate him and THQ managers that signed the transfer contract."

According to Itagaki, Devil's Third is now in its "final stage" of development, but no new publishing partners for the project have been announced.

In May, outgoing THQ executive Danny Bilson said he was not sure if the company would publish Devil's Third, after the firm revealed it was looking to offload the project. At the time, he said whether or not THQ publishes the project, he wants it to be played, because he believes it's "fantastic."

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