Matt Martin
07:41 (BST)
22/09/2008
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Midway seeks $40m through National Amusements deal
Midway Games is looking to raise up to USD 40 million to help manufacture its Christmas line-up of games, including its big seasonal hope Mortal Kombat vs DC Universe.
The publisher is to sell some of its accounts receivable to National Amusements, the company that owns over 1500 movie screens across the US, UK, Latin America and Russia, and counts Midway's Shari Redstone as director.
"We believe we have a very strong line-up for the fall, and this agreement underscores both our confidence in our franchises as well as the benefit of our relationship with National Amusements," commented Matt Booty, interim CEO and president of Midway.
"Our focus at Midway continues to be execution on key fronts - sales, marketing, and product development - that we believe will drive our business success."
As well as the heavily promoted Mortal Kombat vs DC Universe, other titles due from Midway and to benefit from the sales include TNA iMPACT! and Blitz: The League II.
"Midway's line-up for this holiday season represents an important launchpad for the company to regain market leadership," added Shari Redstone, Chair of the Board at Midway.
"With the additional resources provided through this agreement, I believe Midway will be well positioned to capitalize on the release of these highly anticipated products and lay the foundation for the growth of these franchises."
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