Vidgame rights revert to del Toro

THQ isn’t crazy about Guillermo del Toro’s videogame “inSane” anymore.

The publisher has pulled the plug on the pricey horror project that was unveiled during Spike’s annual “Video Game Awards” in 2010, and the E3 videogame confab that year.

Rights revert back to del Toro, who can shop the project, developed by “Saints Row’s” Volition, to another publisher.

THQ made the announcement Monday as it posted better-than-expected first-quarter profits of $15.4 million, up from a loss of $38.4 million during the same three-month period a year ago, that wrapped June 30. Company also reported revenues of $133.7 million, down from $195 million last year.

Gamemaker said it will focus more on core franchises like its WWE games and upcoming “Darksiders,” whose sequel bows Aug. 14, rather than trying to launch franchises like “inSane,” and Tomonobu Itagaki’s “Devil’s Third,” which it dropped in May.

THQ also will get out of the mobile biz, that includes titles for Facebook, as part of a plan to put more resources behind console games. It already had said it will exit the kids biz. It also sold off its UFC license to EA during the quarter.

“By canceling these explorations outside of our core business, we feel we can improve focus on our core game portfolio,” said THQ’s Jason Rubin, who became chief in May.

Company’s biggest performers during the first quarter were “Saints Row: The Third,” “WWE 12″ and “UFC Undisputed 3.”

Separately, THQ chairman and CEO Brian Farrell said: “We have made significant progress reshaping the company. With the changes implemented over the last several months, we are in a much better position today to deliver on our pipeline of games.”

THQ has five high-profile titles forthcoming: “Darksiders II,” “WWE 13,” “Company of Heroes 2,” “Metro: Last Light” and ” South Park: The Stick of Truth.”

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