WB Buys Up Midway Games in Court
Created 07/05/2009 - 23:00
Warner Bros. has purchased most of Midway Games' assets for $33 million in bankruptcy court, according to VARIETY. WB now owns MORTAL KOMBAT, SPY HUNTER and JOUST, among other game franchises. It opted not to buy two development studios owned by Midway in San Diego, California and Newcastle, England.
A bankruptcy court in Delaware gave the approval for the deal last week, adding that all objections to the sale had been resolved. Midway filed for bankruptcy earlier this year.
Media mogul Sumner Redstone sold his 87 percent stake in Midway to Mark E. Thomas last year for $100,000, along with the assumption of Midway's $70 million debt. Midway's creditors agreed in June to give Thomas a $5 million payment.
WB bought Snowblind Studios in February of this year, TT Games (producers of the LEGO games) and Monolith Productions in 2006. Additionally, the studio owns a 30 percent stake in Eidos (TOMB RAIDER) and took over the LORD OF THE RINGS franchise from Electronic Arts earlier this year.