Tag Archives: midway sale

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.

MCV sources have claimed today that Warner Bros is ready to pounce on Midway.

“Warner is pretty confident that they will get Midway – which will be an immediate boost to their portfolio,” said one telltattle.

“The deal isn’t done yet. Midway is still open to offers from other potential buyers – but Warner looks to be favorite to wrap it up.

“They look ready to put the money on the table.”

Speculation from trade groups suggest that Warner is gagging for Midway’s Mortal Kombat and Stranglehold franchises, as well as retro IPs Gauntlet, Joust and Galaga.

Midway has previously set the target sale price at $30 million, but may sell each IP off separately.