Midway Sold To Warner Bros. For $33 Million—But Two Studios Left Out
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And now it’s done. Midway Games has been sold to Warner Bros. for $33 million—ending about six months worth of financial turmoil and headline-grabbing legal disputes surrounding the bankrupt Mortal Kombat publisher. Warner gets most of Midway’s assets in the deal, per the Chicago Tribune; disputes between the publisher’s unsecured creditors, senior execs and majority stakeholder Mark Thomas, as well as a lawsuit over the rights to Mortal Kombat have been resolved.
SEE ALSO: Midway’s Saga Continues: Creditors Sue Board, Redstone Over Fire Sale
Entertainment magnate Sumner Redstone kicked off the saga in late November by selling his 87 percent stake in Midway (including $70 million worth of debt) to Thomas, who gets a $5 million payment as part of the Warner Bros. sale. Left out of the deal are a San Diego studio (which develops the mixed martial arts title TNA) and one in Newcastle, U.K.—both of which will be shut down within 10 days if another buyer isn’t found (per Joystiq).
Posted In: Entertainment, Games, Money, M&A & Venture Capital, Mergers & Acquisitions, Companies, Best Buy, Cablevision, Comcast, Disney, ABC, Playdom, Microsoft, MSN, NBC Universal, CNBC, Playboy, Spotify, Time Warner, Warner Bros., Warner Music Group, midway games, sumner redstone
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