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Midway auction scheduled for June

Fri 29 May 2009 6:59am GMT / 2:59am EDT / 11:59pm PDT
Business

All assets, including those in Warner's $33 million bid, will be on the auction block next month

Midway has announced a timeframe for its sale process, and will hold an ongoing auction to sell off its assets in June, the company reported.

Last week, Midway announced that Warner Bros. was seeking a "stalking horse" purchase agreement for the company's assets, which included the majority of Midway's games and studios. A hearing to receive court approval on this sale will be held June 2.

Midway has now announced that it will begin accepting binding offers for all of its assets - including those eyed by Warner Bros. - starting June 24, with a final auction date of June 29.

Interested parties, whether individual or in formed groups, may attempt to outbid Warner Bros. on the assets it has agreed to purchase for USD 33 million. They may also bid on the assets Warner Bros. has chosen not to purchase, which includes development studios in San Diego and Newcastle, as well as the TNA Wrestling games and franchise rights.

According to court documents obtained by GamesIndustry.biz, publishing rights for sports games in the NBA, NHL and MLB franchises, as well as Midway's The Lord of the Rings games, are also not included in Warner's bid, though are assumed un-publishable due to licensing rights the company no longer has. Interestingly, the Nintendo DS puzzle game Mechanic Master, developed by Budapest studio Most Wanted Entertainment, was also specifically excluded from the bid.

Midway was sold by its original owner for USD 100,000 last year. In January, its new owners filed for Chapter 11 bankruptcy, necessitating the sale of its assets.

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