Last month, we reported that Warner Brothers had offered $33 million for the hurting developer, Midway. At the time, Midway declined the offer in hopes of starting a bidding war. Now, they’re probably feeling sheepish.
According to 1upnews, the deadline for more bids passed earlier last week, and no other bids have been offered. That means Warner Brothers is the sole bidder for Midway, and winner of an unopposed auction.
The deal includes much of what you know about Midway. WB will have ownership of the Mortal Kombat, Spy Hunter, Joust, and the Wheelman franchises, along with the Chicago and Seattle studios. The buyout excludes Midway’s San Diego studio (makers of TNA wrestling games, UK and Newcastle, UK studio (Wheelman).
There are still a couple of legal issues to resolve, including two law suits over Mortal Kombat and Wheelman series. WB will close the Midway deal 10 days after those cases are untangled.
Obviously, the plan by Midway execs to raise the value of the company didn’t work out so well. And it goes to show the kind of financial trouble Midway must have been in if no one besides WB was interested. From the looks of it, Midway was lucky to get the $33 million at all.