Warner Bros in $33m bid for Midway
Sale would include Mortal Kombat franchise and two US studios, but not San Diego or Newcastle teams
Midway Games is seeking the sale of its business and assets to Warner Bros Entertainment for USD 33 million.
Under a "stalking horse" asset purchase agreement, Midway has filed a sale and bid motion in the Bankruptcy Court to conduct the sale.
Assets including Midway's Mortal Kombat franchise and development studios in Chicago and Seattle would be included in the deal, but the deal does not include Midway studios in San Diego or Newcastle, nor the TNA franchise.
Prior to any court approval of the deal, a court-supervised auction will be open to competitive bidding from other qualified buyers to achieve the highest possible price for the company.
Midway has faced financial difficulties for some time, with last year's sale of the company for USD 100,000 sending the business into bankruptcy and sparking lawsuits.
Last month, the publisher set a target amount of USD 30 million for the sale of the company.