Thu, Jul 02, 2009 | 20:48 BST

Warner’s purchase of Midway OK’d by Judge [Update]

midwaylogoa

Midway’s sale to Warner Bros. got the OK from the courts yesterday, so once the $33 million check is cut, Warner will own most of Midway’s assets.

The settlement between unsecured creditors and majority shareholder Mark Thomas are a done deal, and intellectual-property disputes with Threshold Entertainment Tigon Studios have been resolved.

Thomas gets a $5 million payment, having purchased the majority of the company from Sumner Redstone for $100,000. Secured claims in the bankruptcy proceedings were $30 million with $40 million in unsecured claims.

Via Chicago Tribune.

[Update] It appears that the San Diego studios owned by Midway received zero bids, thus resulting in that location closing up shop in ten days time. The employees currently at work at the studio have been given a 60-day notice. Via Joystiq.

[Update 2] The 60-day notice with the closing-up shop in ten days applies to Midway Newcastle as well.

Warner likely new Midway owner after being sole bidder

Warner Bros makes $33 million bid for Midway

Warner Bros readying potential bid for Midway

5 comments

Razor
02/07/09, 5:41 pm

It’s horrible to say, but maybe if they’d made better games then they could have got some bids.

Although who knows what was going on there.

Phoenixblight
02/07/09, 5:43 pm

Only Mortal Kombat was keeping that company together and that series was falling apart.

Johnny Cullen
02/07/09, 6:00 pm

Midway Newcastle is in the same stipuation San Diego’s in, just to point out.

Captain Fruitloop
02/07/09, 6:24 pm

Yes, on a UK-run games news site mostly visited by users from the UK, let’s not mention what’s happening to the UK studio in that story.

Stephany Nunneley
02/07/09, 6:42 pm

Pat is UK based. I am US based. Pat writes the UK end, I write the US end. Thus, the site mixes the two together to become a nice, delicious, international cake.