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Midway to cancel underperforming licensed titles

Thu 16 Oct 2008 2:37pm GMT / 10:37am EDT / 7:37am PDT

Publisher expects further losses in Q3 after reaching mutual agreements with partners

Midway Games has announced that it is to cancel future titles related to a number of licensed properties.

Although no specific brands were named, the company said it has come to mutual agreements with a number of licensing partners.

"The resolution of these licensing arrangements on good terms for the company is a very positive step as we continue to review Midway's involvement with underperforming projects and focus on our core properties," said Matt Booty, interim CEO and president.

"Our fall line-up and strong pipeline of games that tie in to market-leading licenses like DC Comics and TNA Wrestling underscore our strategy of aligning with consumer and entertainment properties that can drive a solid gaming experience."

As a result, Midway expects a third quarter net loss of USD 0.70 per share, compared to a previously estimated net loss of 0.49 per share.

For the last quarter, Midway reported losses of USD 34.8 million.

The company's licensing partners include the NBA, MTV and Paramount, TNA Wrestling and DC Comics.

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