Bankrupt publisher says court hearing next week should clear the way for Warner Bros. acquisition; competing bids accepted through June 24.
Although the eyes of the industry are already fixed on the 2009 Electronic Entertainment Expo in Los Angeles, the week's biggest industry-reshaping news could potentially be coming from a Delaware bankruptcy court. That's where Midway Games said today that it expects to receive court approval for the proposed sale of most of its assets to Warner Bros. Interactive Entertainment for a sum of $33 million.
Originally revealed last week, the WBIE offer would give the Lord of the Rings rights-holder another flagship property in the Mortal Kombat fighting franchise, as well as the Wheelman brand. However, that offer did not include Midway's Newcastle (UK) and San Diego studios or the TNA Impact wrestling license.
Even if the WBIE bid receives court approval, the acquisition would not be a forgone conclusion. Other companies can make bids for any portion of the company through June 24. That will be followed by an auction on June 29 to determine the bid or combination of bids that will bring in the most money, after which a July 1 hearing will give court approval to those transactions.
In its announcement confirming the June 2 hearing on the WBIE bid, Midway made a hard sell to potential bidders, touting the strength of not just Mortal Kombat but its fledgling properties such as the TNA Wrestling license, Wheelman, This Is Vegas, and Game Party. Looking further back, the publisher also emphasized its rich history of arcade hits, including Spy Hunter, Rampage, Joust, and Gauntlet.
Regardless of which offer (or combination of offers) is ultimately accepted, the buyer(s) would not assume any debt or liabilities of Midway, or become entangled in the legal actions surrounding the publisher's deeply discounted sale to a mystery buyer last year.
What a shame...i like this company only because they make MK games and Unreal 3.I suggest they make mortal combat more dark,evil and realistic, like actors would do the characters with the new technology it will be awesome.
And get new linciences to make better games the problem is the engine of there company whats no good because not good gameplay or grapics because they always haveing a same problem but nomal combackseries is over for midway sibce someone reach a deal to take on namal comback games.
How awesome would it be if Capacom swept up Midway? I know it's not going to happen, but imagine a Mortal Kombat vs Street Fighter franchise, or Capcom vs Midway. That would be freaking sweet.
i to still look back on the days of playing all the 2d mortal kombat goodness in the aracdes. (im getting old too!) hope we can get a awsome Ultimate Mortal Kombat 3 HD remake now that people with money and sum creative blood have the title.
This is good. This is very good news for all us fans of Mortal Kombat. Been playing since the first one on snes in 1992 baby. Ya... im getting old. Started with nintendo and atari. Damn the years fly by. Atleast we still have our MORTAL KOMBAT.
Perhaps WBIE will do better things with these assets than Midway did. If they don't this is a huge waste of money for them.
A slight bit reminiscent to when they purchased Atari back in the 70s. Hope they do well this time...
Anything is better than EA getting their slimy mits on Midway's franchises.. I would also throw in Activision, but.. well.. after the Blizzard merger they already admitted that they will be sticking to an annual milking of their own handful of franchises.
Would like to see Bungie buy those old titles and make new 3d versions of them. Am I the only one who'd like to play a 1st person version of Rampage?
It would be smart for someone to buy Midway, they have serious potential to make a comeback if they tried hard enough on all the series of games they have made including Gauntlet, MK, Wheelman, TNA Wrestling. Just need more variety in what they offer in those games.
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