Midway May Have A Buyer

[triverse]

For those following this the backstory is here.

Looks like Warner Bros is moving forward with a bid of $33 million as it was announced by Midway recently.

Under the “stalking horse” agreement, Warner Bros. would acquire all of the Midway’s US assets including its Mortal Kombat franchise and its development studios in Chicago and Seattle for a purchase price of $33 million.

The agreement does not include the Company’s development studio in San Diego and the TNA franchise games, nor does it include the Newcastle, UK studio which developed Wheelman.

Currently, Midway is waiting on the bankruptcy court to approve the deal.

So, from that it looks like Warner Bros is getting half of a company, not getting anything newer than pretty much the Mortal Kombat franchise.

Under the agreement, Warner Bros. Entertainment would acquire substantially all of the Company’s U.S. assets including its Mortal Kombat franchise and its development studios in Chicago and Seattle for a purchase price of $33,000,000, subject to adjustment as of the closing for changes in inventory, plus the agreed value of the Company’s U.S. account receivables. The agreement does not include the Company’s development studio in San Diego and the TNA franchise games, nor does it include the Company’s development studio in Newcastle which had developed the Company’s recently released Wheelman game.

Prior to court approval of the Warner agreement, there will be a court-supervised auction process to facilitate competitive bidding by other qualified buyers. This process is intended to achieve the highest value possible for the Company’s stakeholders. The bidding procedures, if approved, would require interested parties to submit binding offers to acquire some or all of the Company’s assets within approximately 30 days of court approval of the bid procedures. Assuming qualified bids are submitted, an auction would be held a few days prior to the sale hearing. A court hearing approving the sale to the winning bidder or bidders would be held soon after the conclusion of the auction, followed by a final closing.

Once the bid procedures have been approved by the Bankruptcy Court, the Company will announce the initiation of the formal bidding process, and at such time interested parties will be asked to contact the Company’s financial advisor, Lazard, for more information on the bidding process.

From that, it doesn't look like this is going to be over anytime soon and may just be entering further plot development for the drama known as The Life of Midway.

All quotes thanks to VG247.com

[triverse]

Apparently the rest of the company is up for sale now:

After announcing last week that Warner Bros had made a “stalking horse” agreement of $33 million for the company, Midway released a statement today saying the rest of the company is up for bid.

“Midway recently announced a stalking horse asset purchase agreement, which is expected to receive court approval, subject to higher or better bids, in a hearing on June 2, 2009,” reads the statement. “There will be a period during which Midway, through its financial advisor, Lazard, will accept binding offers up to June 24th, 2009, to acquire some or all of the Company’s assets.”

These assets include the TNA wrestling and Mortal Kombat franchises, four studios, European and North American publishing groups, open world and casual games, and the full classic IP library.

Any company that wants to acquire the development teams would have to go through a legally bound “separate acquisition” without taking on the debt incurred by Midway.

Quote thanks to VG247.com.

Kotaku.com has a similar article available too for those interested in this situation.

[triverse]

I hope Midway doesn't fade away completely. They made some good old arcade games and pinball machines.

The Midway that did great things back then is gone. Although it would be sad to see certain IP's listed under other company logos (or like in the case of 3DO, not listed at all for whatever reason, like Star Fighter and Captain Quazar and Blade Force oh and Killing Time, etc).