Midway Arcade Origins is a compilation of more than 30 classic, genre-defining Midway titles from the golden age of arcades such as Gauntlet, Rampage, Joust, Spy Hunter, Defender, Marble Madness and more.
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As revealed a few weeks ago, Spiess Media Holding, a company owned by Midway Games' Exec Vice President - International Martin Spiess, has purchased the UK and French offices, while F & F Publishing GmbH, a company owned by Midway Games' General Manager Uwe Fürstenberg and Finance Director Hans Meyer, have purchased the German office.
When Warner Bros. bought up most of the Midway studios/assets, it did not include its San Diego locations, which as it turns out has now been poached by THQ, but oddly enough the deal does not include Midway's TNA Wrestling title. Midway has also sold the shares of its subsidiaries in Germany, France and England to the current execs, who will leave their positions when the deals close.
When Warner Bros. put its $33 million takeover bid on the table, it made clear it was not interested in the Newcastle studio (known for Wheelman). In a last-ditch effort to stay in business, the UK studio revealed it had a new game in development, Necessary Force, an Unreal Engine 3-powered, open-world action game where you play a Dirty Harry-style cop, but as it turns out, it was all too little too late. Midway CEO Matt Booty informed the employees earlier today that he had failed to find another buyer, and it would be closing down.
Back in May, Midway established a timeline for the expected sale of its assets to the highest bidders in accordance with the sale and bid procedures motion filed with the bankruptcy court. Now that the timeline has passed, it turns out that Warner Bros. was the only interested party, so the sale has been approved by the Delaware bankruptcy judge.
Midway has established the timeline for the expected sale of its assets to the highest bidders in accordance with the sale and bid procedures motion filed with the Bankruptcy Court pursuant to Section 363 of the United States Bankruptcy Code.
Midway announced that it has entered into a "stalking horse" asset purchase agreement with Warner Bros. Entertainment Inc., meaning that WBIE would acquire substantially all of Midway's U.S. assets including the Mortal Kombat franchise and its development studios in Chicago/Seattle, but not the TNA/Wheelman franchises.
Midway revealed in its latest 10-K filing that it plans to release its action game This Is Vegas (X360/PS3/PC) in 2009, as well as a third installment in the Game Party franchise (Wii) and another unannounced title for multiple platforms. Also revealed was that Mortal Kombat vs. DC Universe has sold 1.9 million copies to date, and that Midway expects the current generation of consoles to last another 3-5 years. Oddly enough for a company in dire financial trouble, Midway plans to extend development time for its titles, hoping that will increase the quality and boost sales.
It's starting to get messy surrounding Midway's bankruptcy proceedings, as media mogul Sumner Redstone and his daughter, former chairperson of the board, are being subpoenaed by creditors after Midway recently filed for Chapter 11. Apparently the company's unsecured creditors fear insider trading and have some questions about the events leading up to Sumner's sale of the company for a suspiciously low $100K to current majority owner Mark Thomas.
Midway Games announced that its U.S. subsidiaries filed voluntary petitions in U.S. Bankruptcy Court for the District of Delaware for reorganization under Chapter 11 of the U.S. Bankruptcy Code. The filing does not include the company's non-U.S. operations, which will continue business as normal.
Last month Midway had reached a waiver and forbearance agreement with the holders of its $75 million principal amount of 7.125% Convertible Senior Notes due 2026. Today Midway filed with the SEC that it has successfully negotiated with holders of the other $75 million Convertible Senior Notes due 2025. Both have extended the date upon which the holders have the right to exercise their option to require Midway to repurchase the notes to February 12, 2009.
Midway Games has reached a waiver and forbearance agreement with the holders of its $75 million principal amount of 7.125% Convertible Senior Notes due 2026, extending their right to require Midway to repurchase the notes until Feb. 19, 2009. Midway is currently also in discussions with the holders of its 6% Convertible Senior Notes due 2025 to obtain a similar waiver and forbearance agreement.
Midway Games announced that it is taking significant steps to reduce its cost structure, including a 25% reduction in workforce, the closure of its Austin, TX, studio (Area 51), and the suspension of development on several non-core games.
It hasn't exactly been a big secret that Midway is in financial trouble and has been for a few years now. Earlier this year, not only did its CEO David F. Zucker resign, but also board member Shari Redstone (daughter of media mogul Sumner Redstone), while its losses mounted and it currently faces NYSE de-listing. It should come as no surprised then that Sumner Redstone has now sold off his 87% stake in Midway, for an abysmal $100,000, shares that were once worth almost $1 billion.
Independent in-game advertising company Double Fusion has strengthened its PS3 portfolio by securing exclusive advertising opportunities with another slew of publishers: THQ, SEGA, Eidos and Midway.
For once it's not Atari, as today Midway received notification from the New York Stock Exchange (NYSE) that it has fallen below the standard for continued listing of its common stock on the NYSE that requires a minimum average closing price of $1.00 per share over 30 consecutive trading days. Midway plans to notify the NYSE that it will seek to cure the deficiency, but if not, its stock faces being delisted.
Midway has released its Q3 2008 financial results, revealing that it continues to lose money despite reorganizing and other attempts to stop the bleeding. While net revenues were up 50%, net loss nearly doubled from last year's $33.5 million to $75.9 million. While Matt Booty was recently promoted to president and CEO, Shari Redstone, daughter of media mogul Sumner Redstone, resigned as a board member.
Having served as interim president and CEO since March 2008, Midway Games announced that Matthew V. Booty has been appointed by the Board of Directors as President and CEO of the company.
PopStar Guitar features songs from top pop music stars including 3 Doors Down, Simple Plan, Blink 182 and many more, allowing players to unlock their inner pop celebrity and star as the lead guitarist in their very own band.
Midway has come to mutually beneficial terms with licensing partners resulting in the cancellation of future versions of related game properties and associated development expenditures. While the announcement did not specify particular titles/franchises, we contacted Midway who informed us details will follow early November, when it releases its latest financial results.
Check out the following new screens & trailer from Midway's Games Convention 2008 lineup:
Following last week's departure of several executives, Midway has canceled an as-yet-unannounced project in production in its Austin, TX, facility, and as a result laid off 90 of its 130 employees. The studio will remain open as two teams are working on unnamed prototype projects intended to expand Midway’s portfolio of new IP.
Midway has been hanging on for dear life for quite a while, Atari déjà vu, and earlier this week posted yet another grim-looking financial report. To add insult to injury, Midway confirmed several key employees have recently left, such as director of media relations Reilly Brennan, VP of marketing Mona Hamilton, Senior PR Tim DaRosa (now at Six Degrees Games) and Mike Bilder, head of its Chicago studio, known for such titles as Blitz: The League, Stranglehold, and Mortal Kombat.
Midway released its Q2 2008 financial results revealing net revenues dropped from Q2 2007's $31.8 million to $23.4 million, albeit ahead of the estimated $18 million. Losses more than doubled from Q2 2007's $14.3 million to $34.8 million.
Midway announced it will be combining the operations of Midway Studios in Los Angeles with its San Diego facility. The majority of L.A. studio employees, including the entire development team for Midway’s TNA iMPACT! franchise, are being offered the opportunity to transfer to the San Diego facility.
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