38 Studios, founded by MLB pitcher Curt Schilling. has stepped up to the plate (so to speak) to acquire developer Big Huge Games from THQ. The actual price of the deal has yet to be disclosed, but the deal does include all of the Big Huge Games IP as well as their developmental tools and the unfinished Ken Rolston RPG title. It is said to also include an additional title that is pretty far along in the development process, as well, according to our sources.

Schilling seems excited by the purchase and thinks that Big Huge Games will be a good fit for 38 Studios’ talent pool. From what we understand, Big Huge will be integrated into 38 Studios, but will continue to be based out of Timonium, Maryland.

THQ has been looking to unload Big Huge since the company reported losses close to $192 million in the previous financial quarter. THQ has had the studio on the block for some time and went to the point of initiating a first round of layoffs and then basically letting potential buyers know that the closure of the studio was imminent if a buyer did not come forward quickly.

38 Studios gains a possible big win with the purchase of Big Huge Games because the in-development upcoming title from RPG legend, Ken Rolston, is included in the deal. While little is actually known about the new RPG that was in development, it has been said that is on a massive scale and will be epic. Based on Rolston’s success and involvement with the Elder Scrolls it is perhaps a wise decision to lock up this IP going forward.

Our sources have confirmed to us that the Rolston led RPG title was tentatively called Ascendant, which was in development for the Xbox 360, PlayStation 3, and the PC platforms. In addition, another title called God: The Game was also in development for the Wii. From what we have been told, Ascendant was further along than God: The Game. Some screen shots have been leaked from Ascendant and we hear whispers that a trailer for the title was close to completed prior to the last round of layoffs; and we have had our sources suggest that 38 Studios is likely anxious to get the trailer out for Ascendant and make sure that fans know that the development is back on track. It is unlikely that the Ascendant trailer will be released till after E3, from the whispers that we hear.