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Midway sale approved, 10 days until completion

Thu 02 Jul 2009 4:04pm GMT / 12:04pm EDT / 9:04am PDT
Business

Warner acquisition approved by court, San Diego studio given 60-day lifeline

The sale of Midway Games to Warner Bros. has been approved by a court in the US, with the deal expected to be completed within ten days.

Warner had put in a USD 33 million offer for the ailing publisher, and emerged as the only bidder for the company and a majority of its assets.

"We had a court hearing yesterday and the end result of that is the sale was approved and the closing will occur within the next 10 days," said a spokesperson for the company to Joystiq.

Two studios not included in the sale were the Wheelman team in Newcastle and the TNA outfit based in San Diego, however, the the US group has been given a two month lifeline.

"Since we didn't get any bids for the San Diego assets, we actually gave the employees a required 60-day warning," detailed the spokesperson.

"For now those employees are continuing to work and it's still entirely possible that a bidder could come in and acquire the San Diego assets."

1 Comment

Caleb Lowe Animation Lead, 3rd Dimension Creations LTD

1 0 0.0
So what of the Newcastle studio then...

Posted:5 years ago

#1

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