Majority Of Midway Gets Sold Off For A Mere $100,000 [Archive]

The 1 2 P

12-02-2008, 07:05 PM

Sumner Redstone just sold his 87% controlling stake of Midway for $100,000: http://www.gamedaily.com/articles/news/redstone-sells-midway-games-stake-for-just-100000-ndash-wsj/?biz=1

Theres still another 13% but it can't be much. And since this company has been going thru so much finacial trouble lately I predict we are in the process of witnessing the end of another company just like Akklaim and 3DO. They better hope that MK Vs DC sells several millions. But on the bright side(if they do go bankrupt), it will make for one very huge ebay liquidation sale.

DigitalSpace

12-02-2008, 07:42 PM

Like Acclaim and 3DO, if Midway goes down, they brought it on themselves. How many quality games that aren't arcade compilations or MK titles have they published in the last few years?

kupomogli

12-02-2008, 07:49 PM

heybtbm

12-02-2008, 08:20 PM

You're leaving out the "small" fact that the buyer is also assuming $70 million of Midway's debt.

TonyTheTiger

12-02-2008, 08:31 PM

Another 90,000 and I could have bought Midway. What's pathetic is the CEO did it to save himself 800 million in taxes for his other company.

Guess it's a good thing he can save himself 800 million dollars and screw everyone else out of a job rather than trying to help save the company. Guaranteed he's a multi billionaire already, so it just shows how greedy he is.

Midway employees have been prepping their resumes for a few years now. The company has been taking on water for years to the point that it's a sinking ship that's just about completely submerged. Do you honestly expect anyone, regardless of financial stature, to basically say, "Yeah, I think owning something that makes me hemorrhage money and is virtually a lost cause is a good plan"? If you own something that does you more of a disservice than confers benefit you try to find someone who's willing to buy it and save you from further loss. That's not greed. It's sane.

I guarantee that the buyer isn't looking to save Midway. He saw a steal because now he can liquidate the company's assets which will likely cover the debt he assumed and make him a nifty profit. The Mortal Kombat property alone is probably worth more than Midway itself.

Iron Draggon

12-02-2008, 09:24 PM

Like Acclaim and 3DO, if Midway goes down, they brought it on themselves. How many quality games that aren't arcade compilations or MK titles have they published in the last few years?

well I thought L.A. Rush was pretty good... but that's all I can think of that fits your criteria... they really don't seem to be trying very hard anymore...

Mianrtcv

12-02-2008, 09:31 PM

You're leaving out the "small" fact that the buyer is also assuming $70 million of Midway's debt.

$70,000,000 pish posh. Just get some nifty bailout loot and start the loop again...

SpaceHarrier

12-02-2008, 09:43 PM

Fatality!!

roushimsx

12-02-2008, 10:35 PM

Midway's various studios have some pretty good titles in the pipe, so they may pull out of this ok assuming that development doesn't get fucked.

Midway Newcastle (LA Rush) is working with Tigon Games (Chronicles of Riddick) on The Wheelman and Surreal Software (The Suffering, Drakan) is working on This is Vegas.

Mortal Kombat vs DC has been getting great reviews and awesome word of mouth. Hopefully it doesn't get crushed in the sales, but we won't know for another week or so...

Shame they screwed the pooch on Blacksite: Area 51, but that game really needed like another year in development and perhaps someone other than Harvey Smith. Psi Ops was pretty awesome for the first 3/4ths.

Just found out that Midway was supposed to publish the PC version of the 2004 Transformers game that came out on PS2. God, that sucker needs to leak onto the net like right now.

DigitalSpace

12-02-2008, 10:41 PM

well I thought L.A. Rush was pretty good... but that's all I can think of that fits your criteria... they really don't seem to be trying very hard anymore...

I actually liked it too... however, Midway made a huge mistake by using the Rush name on a street racer that was almost nothing like the previous games.

AB Positive

12-02-2008, 10:43 PM

*sigh*

So I guess I can kiss the "Blitz: The League" franchise goodbye then? I was psyched to see a sequel on the next gen systems, I'm still planning on getting it for 360 whenever I manage to get one.

Stop laughing, I'm serious. :P

A football game with RPG elements and a storyline, it was f'n awesome. I love it. Although my surprise is low. I'm not shocked at all this happened.

j_factor

12-03-2008, 12:13 AM

Midway went downhill when they decided to completely exit the arcade business. They had some terrific games on Dreamcast, and they were all arcade ports. Dr. Muto was pretty good, but I haven't cared for anything of theirs since then.

Push Upstairs

12-03-2008, 12:17 AM

I'll always love "Gauntlet: Legends/Dark Legacy".

Rob2600

12-03-2008, 01:18 AM

Now there won't be a Cruis'n sequel.

Midway going out of business might not be such a bad thing after all. :)

SegaAges

12-03-2008, 11:26 AM

Fatality!!
QFE!

Nice, hahaha

Lady Jaye

12-03-2008, 11:36 AM

There's the back catalog of Midway/Williams/Atari Corp (the stuff covered by the MAT series, but also the pinball legacy). Wonder who'd end up with it? For some reason, I could imagine Namco Bandai going for it, if only for the fact that Midway and Atari distributed Namco's biggest classics back in the day.

Otherwise, who would it be? Ubi and EA aren't focused on retrogaming at all, and Nintendo is already milking its own back catalog. It'd be funny if it were Atari (the former Infogrames), just to make the whole history-of-Atari more confusing than it already is, but I dunno how long before they go under.

DKTheArcadeRat

12-03-2008, 04:46 PM

Fatality!!

Heroic Brutality?

Iron Draggon

12-03-2008, 06:34 PM

Mortal Kombat vs DC has been getting great reviews and awesome word of mouth. Hopefully it doesn't get crushed in the sales, but we won't know for another week or so...

MK vs DC needs to be on PC... then I'll buy it

The 1 2 P

12-03-2008, 07:58 PM

MK vs DC needs to be on PC... then I'll buy it

Thats what you say for every game. I bet you are still waiting for Ocarina of Time on pcLOL

roushimsx

12-03-2008, 08:58 PM

MK vs DC needs to be on PC... then I'll buy it

You'd think that since it's UE3-based that they'd go ahead and port it.

p.s. wtf Midway? License the UE3 engine for EVERYTHING? Way to screw the pooch.

Thats what you say for every game. I bet you are still waiting for Ocarina of Time on pcLOL

Depending on your views of emulation, it has been available for PC for some time! :P

Tron 2.0

12-03-2008, 11:36 PM

I'll always love "Gauntlet: Legends/Dark Legacy".
Ditto to bad the last gauntlet game the seven sorrows wasn't as good.Come to think of it that's the last game i did,play by midway.That or there MAT collection vol 1-3.I don't know what it is but today midway is a shadow of there former self.Dunno if i miss them going out of business.Unless of coruse,they could make a good gauntlet game again like what dark legacy was.

Push Upstairs

12-04-2008, 01:01 AM

"Gauntlet: Dark Legacy" is worth it for the humor, the game just happens to be awesome as well.

I laugh every time I hear the sound made when you turn off the levitation boots. LOL

The 1 2 P

12-05-2008, 07:51 PM

Things keep getting worse for Midway: http://www.gamepro.com/article/news/208138/midways-money-troubles-worsen-time-running-out-to-repay-debt/

So now I suppose it's no longer a matter of "if" they will go bankrupt but "when" it will happen. More importantly, who will get the MK franchise when they auction it off? Hopefully Ea doesn't win it.

TonyTheTiger

12-05-2008, 08:19 PM

With the exception of MK vs. DC and Shaolin Monks, EA certainly can't do worse with the series than Midway has. EA never released anything nearly as terrible as Mortal Kombat Advance or Mortal Kombat Armageddon. The former of which is only a step above a game that simply crashes.

Though I'm betting Activision or Ubisoft fight over the various properties. Though Epic might be in a good position to pick up MK, as well.

j_factor

12-06-2008, 11:12 PM

With the exception of MK vs. DC and Shaolin Monks, EA certainly can't do worse with the series than Midway has. EA never released anything nearly as terrible as Mortal Kombat Advance or Mortal Kombat Armageddon.

I guess you haven't played Catwoman or ReBoot. Or the initial release of Ultima IX. Or Sword of Sodan.

The 1 2 P

12-06-2008, 11:37 PM

TonyTheTiger

12-07-2008, 10:44 AM

I guess you haven't played Catwoman or ReBoot. Or the initial release of Ultima IX. Or Sword of Sodan.

And I'll add Marvel Nemesis: Rise of The Imperfects to that list. Now what was he saying about EA not being able to do worse than MidwayLOL

All better than MK Advance and at least Rise of the Imperfects was significantly better than MK: Armageddon. And unless Catwoman actually crashed it probably was at least marginally more playable, too.

I'm not kidding. That's how terrible those two games are. Armageddon is a fighting game that, frankly, doesn't let you actually fight. It's more of a "who can start one of the hundreds of piss easy infinite combos first" game. And MK Advance is this:

http://www.youtube.com/watch?v=bEg5s_5VAFI&feature=related

j_factor

12-07-2008, 04:31 PM

Ultima IX was just as bad as MK Advance. Seriously.

TonyTheTiger

12-07-2008, 05:41 PM

Then let's call it a tie.

Nintendo Gamer

12-08-2008, 02:45 AM

.....

The 1 2 P

12-08-2008, 03:44 AM

I know there was that Turok game but I can't think of anything else :l

Another company is now making Army Men games.

The 1 2 P

12-08-2008, 05:58 PM

FINISH HIM: http://www.gamedaily.com/articles/news/midway-nearing-bankruptcy-needs-150-million-in-50-days/?biz=1

Push Upstairs

12-09-2008, 04:36 AM

I think "DANGER" is more appropriate.

The 1 2 P

12-16-2008, 04:33 PM

Babality: http://www.gamedaily.com/articles/news/midway-cuts-25-closes-austin-studio-suspends-noncore-projects/

calthaer

12-17-2008, 10:58 AM

Just found out that Midway was supposed to publish the PC version of the 2004 Transformers game that came out on PS2. God, that sucker needs to leak onto the net like right now.

Where did you read this? I couldn't agree more. Just recently re-played this game and was again impressed by its awesomeness...trying to get through one or two of the bunkers on the Pacific Island on "Commander" mode. It's just about impossible...but I keep thinking that maybe I *could* win. I've spent so much time on this game; it's so much fun.

Gauntlet Seven Sorrows had great music, and the idea was good...the problem is that they threw out the hordes of enemies in favor of fewer, more difficult ones, and had too many complex combos that you pretty much had to memorize in order to win. I liked Legends / Dark Legacy better, too.

Midway had promise; it's just a shame they couldn't realize it. I can't help but think they should have done more portable games - the simplistic gameplay they seem to favor could have done well on a system that sports lower development costs.

The 1 2 P

01-06-2009, 06:47 PM

Friendship: http://www.gamedaily.com/articles/news/midway-gets-month-extension-on-75-million-worth-of-debt/

garagesaleking!!

01-07-2009, 06:28 PM

damn when did the last army men game come out? There were like 12 different ones released on the ps1.

Gauntlet dark legacy was such an awesome game. I used to play coop on it with my friend all the time years ago. We had so much fun. Gauntlet legends was the arcade version if i remeber correctly, and that was really fun too. I actually own seven sorrows for xbox but have never played it, lol.

The 1 2 P

02-13-2009, 05:42 PM

The inevitable happens: http://www.gamedaily.com/articles/news/midway-goes-chapter-11/?biz=1

roushimsx

02-13-2009, 06:11 PM

damn when did the last army men game come out? There were like 12 different ones released on the ps1.

That was 3DO...

Sucks that Midway wasn't able to pull out, but I'm hoping the various studios are able to find a new buyer and/or publisher for their in work stuff.

Greg2600

02-13-2009, 07:34 PM

So many favorites of mine (Rush, Cruisin, NBA Jam, Mortal Kombat, Area 51, Hydro Thunder, etc.). What a shame. Probably the best arcade developer of the 90's.

mills

02-13-2009, 07:49 PM

Can't forget rampage.

makaar

02-15-2009, 10:34 PM

Perhaps if they would have re-released Armageddon on 360/PS3 but polished it off and added deeper story mode elements. Along with unlockable MK Trilogy for with Online support for Live/etc. But Armageddon just seemed like a half-assed sequel. It also appears everytime they come up with a new idea they scrap it right away (many stances, hara-kiris, impaling). Plus, the create-a-fatality wasn't impressing anyone...at least none of the 10 people that I played it with.

The 1 2 P

03-02-2009, 06:22 PM

Fatality: http://www.gamedaily.com/articles/news/midway-looking-to-unload-mortal-kombat/?biz=1

slapdash

03-02-2009, 11:12 PM

That sounds pretty sleazy, but the bonuses are probably a contractual obligation, whereas PTO payouts rarely are. But either way, Midway is pretty much done. Dang. Did I ever mention the time I was at Midway, watching interviews filmed with Eugene Jarvis and the MK guys? And got to eat at the Berghoff with Dave Nutting? And gave Jay (still male at the time) Fenton a ride to his mother's house? Crazy days.