Midway Games has been sold for an amount of...

*R-iZZy* · 12-11-2008, 05:10 AM

... $100,000.

A controlling stake of Midway Games has been sold to a private investor for $100,000. The sale, finalized today, will transfer an 87 percent stake in the fledging game maker from Sumner Redstone, a global businessman, to Mark Thomas, a private investor.

The $100,000 that Thomas paid works out to about a tenth of a penny per share, a far cry from the $0.30 per share closing price last Friday on the New York Stock Exchange. Thomas will assume $70 million of the company’s senior secured and unsecured debt.

Redstone sold his controlling stake in Midway Games to receive a large tax benefit for his company, National Amusements.

The sale marks another low for the Chicago, Illinois based company, who had already been struggling with massive layoffs and multiple titles that flopped at retail. In August 2008, Midway laid off 90 workers from its Austin, Texas studio, while also cancelling a previously unannounced title called “Criminal”.

Midway Games recently released a new title in their “Mortal Kombat” series, “Mortal Kombat vs. DC Universe”, is one of the few games that have a chance to keep the struggling company afloat. MK vs. DC was released in mid-November, and its sales will not be known until industry tracker NPD Group releases November software sales data next month.

Midway’s European marketing director Leonie Manshanden, however, has high hopes for the title.

“We have very high sales expectations for MK vs DC. I can’t tell you the exact number, but historically if you look at the franchise, every new MK on a new platform has done best. It’s always enjoyed that upward trend. With this installment we really think we’re going to set another record.”

http://www.endsights.com/?p=394

Peanut · 12-11-2008, 05:28 AM

That's nothing short of f*cking saaaad. It's depressing to see such a staple of the industry go down in flames like this, but hey, Atari is still around, so stranger things have happened.

Like I said before, if Midway does crash and burn, at least Mortal Kombat will always survive.

*Kid Icarus* · 12-11-2008, 10:57 AM

Atari's around in name only. It's actually Infogrames. They just bought the right to call themselves Atari a few years ago.

RIP Midway.

*Dr. Doom* · 12-11-2008, 10:58 AM

I can't think of the last time I was mildly interested in anything Midway put out.

**ThirdMarioBro** · 12-11-2008, 11:37 AM

Neither can I, but with the library of classics Midway possesses, it's sad to see them crash and burn like this.

*Kid Icarus* · 12-11-2008, 02:01 PM

On the bright side... maybe we'll get some good games from those properties again.

*Ninjinister* · 12-11-2008, 02:13 PM

C'moooooooon Sinistar....

Peanut · 12-11-2008, 03:41 PM

Quote:

Originally Posted by Kid Icarus

Atari's around in name only. It's actually Infogrames. They just bought the right to call themselves Atari a few years ago.

I know, but the name itself is still hanging around. I'm suggesting Midway may end being the same bastardized type of company in the coming years.

*Kid Icarus* · 12-11-2008, 06:54 PM

Lets hope, Peanut.

**ThirdMarioBro** · 12-12-2008, 03:51 AM

New Hydro Thunder plz?

12-11-2008, 05:10 AM	#1
R-iZZy The Long Con Join Date: Jul 2002 Location: G'ville, FL (Gator Country), USA Posts: 3,007	Midway Games has been sold for an amount of... ... $100,000. A controlling stake of Midway Games has been sold to a private investor for $100,000. The sale, finalized today, will transfer an 87 percent stake in the fledging game maker from Sumner Redstone, a global businessman, to Mark Thomas, a private investor. The $100,000 that Thomas paid works out to about a tenth of a penny per share, a far cry from the $0.30 per share closing price last Friday on the New York Stock Exchange. Thomas will assume $70 million of the company’s senior secured and unsecured debt. Redstone sold his controlling stake in Midway Games to receive a large tax benefit for his company, National Amusements. The sale marks another low for the Chicago, Illinois based company, who had already been struggling with massive layoffs and multiple titles that flopped at retail. In August 2008, Midway laid off 90 workers from its Austin, Texas studio, while also cancelling a previously unannounced title called “Criminal”. Midway Games recently released a new title in their “Mortal Kombat” series, “Mortal Kombat vs. DC Universe”, is one of the few games that have a chance to keep the struggling company afloat. MK vs. DC was released in mid-November, and its sales will not be known until industry tracker NPD Group releases November software sales data next month. Midway’s European marketing director Leonie Manshanden, however, has high hopes for the title. “We have very high sales expectations for MK vs DC. I can’t tell you the exact number, but historically if you look at the franchise, every new MK on a new platform has done best. It’s always enjoyed that upward trend. With this installment we really think we’re going to set another record.” http://www.endsights.com/?p=394 __________________

12-11-2008, 10:58 AM	#4
Dr. Doom Allons-y! Join Date: Aug 2003 Location: Castle Doom Posts: 4,535	I can't think of the last time I was mildly interested in anything Midway put out. __________________ I love you, Pickle.

12-11-2008, 11:37 AM	#5
ThirdMarioBro Tea Time! Join Date: Feb 2003 Posts: 8,905	Neither can I, but with the library of classics Midway possesses, it's sad to see them crash and burn like this. __________________

12-11-2008, 02:13 PM	#7
Ninjinister 無問題 Join Date: Jan 2004 Location: Moesko Island, WA Posts: 14,348	C'moooooooon Sinistar.... __________________

12-12-2008, 03:51 AM	#10
ThirdMarioBro Tea Time! Join Date: Feb 2003 Posts: 8,905	New Hydro Thunder plz? __________________

12-11-2008, 05:28 AM	#2
Peanut Second Gear Join Date: Nov 2001 Location: The New World Posts: 15,422	That's nothing short of f*cking saaaad. It's depressing to see such a staple of the industry go down in flames like this, but hey, Atari is still around, so stranger things have happened. Like I said before, if Midway does crash and burn, at least Mortal Kombat will always survive.

12-11-2008, 10:57 AM	#3
Kid Icarus Foot Elite Join Date: Jan 2003 Location: Angel Land Posts: 4,150	Atari's around in name only. It's actually Infogrames. They just bought the right to call themselves Atari a few years ago. RIP Midway.

12-11-2008, 02:01 PM	#6
Kid Icarus Foot Elite Join Date: Jan 2003 Location: Angel Land Posts: 4,150	On the bright side... maybe we'll get some good games from those properties again.

12-11-2008, 06:54 PM	#9
Kid Icarus Foot Elite Join Date: Jan 2003 Location: Angel Land Posts: 4,150	Lets hope, Peanut.