Midway is Sold for Pennies on the Dollar

December 1, 2008 -

Financially-troubled game publisher Midway has been sold for a mere pittance of its former value.

Reuters reports that media tycoon Sumner Redstone (left) unloaded his controlling interest in the Mortal Kombat publisher for $0.0012 a share, or about $100,000.

Hell, at that price any gamer with a full-time job could have gotten a loan and owned their own game company.

The buyer is investor Mark Thomas. In addition acquiring Midway's assets, however, Thomas also bought himself $70 million worth of Midway debts.

In doing the deal Redstone, 85, takes a huge loss on his initial investment in Midway but realizes an $800 million tax saving for his media conglomerate, National Amusements.

As for Mark Thomas, in a year or two we might be toasting him as the man who saved Midway. Or, he could be the answer to the trivia question, "Who was Midway's final owner?"


Comments

Re: Midway is Sold for Pennies on the Dollar

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Re: Midway is Sold for Pennies on the Dollar

thank you admin

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Re: Midway is Sold for Pennies on the Dollar

Hey there, thank you for the heads up on this I really appreciate that you took time to share this thing with the readers, going to bookmark your blog right away! And one thing is defibitely right " Midway is solid for pennies on the dollar" Freestyle Medela

 

Re: Midway is Sold for Pennies on the Dollar

$0.0012 a share" I could have got couple shares at this price :)

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Marketing Paper

Re: Midway is Sold for Pennies on the Dollar

film izle

 

Great thoughts and great ideas for accounting.

Re: Midway is Sold for Pennies on the Dollar

Great thoughts and great ideas for accounting.

Accounting papers

Re: Midway is Sold for Pennies on the Dollar

Thanks good job;

Btw, I think Atari and Midway will drop out too, but mostly travesti because  these guys have done nothing travesti or little and need to start saving costs. and dizi izle

YES.

Now I don't have to get off my ass for the important shit anymore!

Whats next, ordering pizza from Xbox live?

Wait... I think that sounds like a good idea.

But I think voting should MAKE you get off your ass, and see outside or a second while you go vote. I mean, your picking the president of the United States of America for God's Sake... least you can do is drive down there and punch out a card.

 

Re: Midway is Sold for Pennies on the Dollar

I'm all for freedom of ttnet vitamin speech and allowing rent a car game makers to put whatever they want in games, but there's one thing about this app that has me scratching my head.  Correct me if I'm wrong, but from araç kiralama the previous article araba kiralama on this I gathered that players can use Google maps in-game to find the other (real-life?) dealers in their area.  If this is the case, has travesti anyone considered what's stopping someone from using this app to actually move drugs between hands for reals?

But majority araba kiralama of their outrage araç kiralama stems from what it could DO TO children, not the content itself.  Talk to one of these people and you'll find they don't think any books kiralık araba should be banned from children.  Mention American Psycho and they talk about kiralık araç the redeeming value of using imagination to construct a story.  Reading, no matter what the content, is largely viewed as a consequenceless activity for people of any age.  The reason why I mention American Psycho is because of the content itself.  Gaming never has and likely never will have any scenes where someone has sex with a severed head.  Not gonna happen.  Yet despite this, they'll fight tooth and nail to protect their children from two boys kissing in Bully but whatever they read is harmless... yeah.

The entire arguement is kiralık oto based upon a social normality inflicted by luddites who can't figure out the controls for Halo so it's frightening and terrifying and obviously the cause of youth violence on the rise even though, in reality, it's in decline (which is actually a HUGE suprise given minibüs kiralama the economies status).  In  a perfect world, we would have parents that actually parent.  The idea of sales restrictions on media on oto kiralama any form to accomidate parental unwillingness to get involved with their child's life is the real problem to me.  Here I am, 32 years old, and being held up at a self-scan rent a car needing to show ID before I can buy a $10 M rated game all because Soccer Momthra can't be bothered to look at the crap Billy Genericallystupidson does in his free time.  It's too hard for her, so I have to suffer?

Re: Midway is Sold for Pennies on the Dollar

Re: Midway is Sold for Pennies on the Dollar

This might be good news. The IP the company owns is very robust, and carefully planned Virtual Console/Playstation Network/Live Arcade releases would tackle a chunk of debt right there. What the company needed to dp before getting to the point where it was offloaded so cheaply was a revival of the classic series.

The Cruisin' series begged for a VC release, at least... If not a new entry.

Re: Midway is Sold for Pennies on the Dollar

Midway sold that cheap? Wow. I have a friend who is an Mortal Kombat fan who could have probably qualified for that loan.

Re: Midway is Sold for Pennies on the Dollar

I would buy Midway, bring back Ready2Rumble, and use my new innovative ideas for a fighting game to be used with the MC license. I have some great ideas that I would love to try.

Re: Midway is Sold for Pennies on the Dollar

If Atari can turn it around fast enough, I would love to see a reunified Atari Corp.

Someday...

Re: Midway is Sold for Pennies on the Dollar

I would buy Midway, bring back Ready2Rumble, and use my new innovative ideas for a fighting game to be used with the MC license. I have some great ideas that I would love to try.

----------

Film izle - video izle

Re: Midway is Sold for Pennies on the Dollar

I hope he does not tone down the next MK game. :(

Re: Midway is Sold for Pennies on the Dollar

That sucks... I like Midway...

 

If they want to cash in on a sequel, I'd like to see another Hydro Thunder.

--- Official Protector of Videoland!

--- Official Protector of Videoland!

Re: Midway is Sold for Pennies on the Dollar

Shit, I would've bought midway at that price.

My solution?  NEW SMASH TV FOR EVERYONE, BITCHES!

Re: Midway is Sold for Pennies on the Dollar

no bank in thier right mind would have loaned you the money without wanting to see some financial statements.

and once they'd seen them.... You'd never get the loan.

Re: Midway is Sold for Pennies on the Dollar

How to save Midway:

1) Put new/better talent on the MK team: MK vs DCU looked & played like an XBox1/PS2 game.  Hell, try and get better talent alltogether.  TNA Impact! should have been so much better...

2) Tap into your classic properties Capcom-style.  A new hi-res remake of Smash TV would do well on XBLA and PSN.

3) Stop taking risks with new IP for now.  Blacksite: Area 51 should not have been released given its quality.

Re: Midway is Sold for Pennies on the Dollar

DAMN! I wish I had known. I would done the same thing in a heartbeat. The IP Midway controls could easily generate big money. Some guys have all the luck...

---------------------------------------------------------------------------

"The most difficult pain a man can suffer is to have knowledge of much and power over little" - Herodotus

--------------------------------------------------------------------------- "The most difficult pain a man can suffer is to have knowledge of much and power over little" - Herodotus

Re: Midway is Sold for Pennies on the Dollar

I dont think so world is ready to see one more bankrupt.

http://www.blueunplugged.com/p.aspx?p=122588

Wii Games

 

 

Re: Midway is Sold for Pennies on the Dollar

Suck it, Redstone!

---You are likely to be eaten by a Grue.

---You are likely to be eaten by a Grue.

Re: Midway is Sold for Pennies on the Dollar

This is sad. Midway at one point was a decent publisher. They don't deserve this end.

I would hope a new owner would be able to turn them around before they go bankrupt.

E. Zachary Knight
Oklahoma City Chapter of the ECA
MySpace Page: http://www.myspace.com/okceca
Facebook Page: http://www.facebook.com/profile.php?id=1325674091

Re: Midway is Sold for Pennies on the Dollar

that's like saying teh BeeGee's used to put out good music.... while it's true, it's been a while....

Re: Midway is Sold for Pennies on the Dollar

he spent a hundred grand, to buy 70 million in debt.....

He'd better have a few.... i mean 70 million, aces up his sleeve.

 
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