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

[The 1 2 P]

Sumner Redstone just sold his 87% controlling stake of Midway for $100,000: http://www.gamedaily.com/articles/ne...ash-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]

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]

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.

[heybtbm]

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

[TonyTheTiger]

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]

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]

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]

Fatality!!

[roushimsx]

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]

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]

*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]

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]

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

[Rob2600]

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

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

[SegaAges]

Fatality!!

QFE!

Nice, hahaha

[Lady Jaye]

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]

Fatality!!

Heroic Brutality?

[Iron Draggon]

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]

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 pc

[roushimsx]

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 pc

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