Well, in order to keep your developers working it costs much more than just the basic salary and (if their average salary was $75,000) you would expect that the cost per employee (not including marketing, licencing and whatnot) would be somewhere between $100,000 and $150,000 ... This would put the costs for them somewhere between $190 and $285 Million.
Where I suspect that THQ is really getting hurt is (potentially) in releasing HD versions of a lot of their lower quality licenced IPs. While I can't be sure on this, I suspect that many of these HD versions cost as much as it costs to develop the Wii/PS2/PSP and DS version of many of these games, and they tend to see much lower sales ... What this means is they are probably not making the profit they once did on these IPs and any large game that underperforms (Conan) really hurts their bottom line.
