Midway aims for $30 million sale

The owners and debtors of Midway have agreed on a $30 million target sales price for the troubled publisher.

According to Variety, the figure was outlined in the final version of the company's "key employee incentive plan," which was approved ten days ago at a bankruptcy court hearing.

The plan will see 28 employees receive a bonus if the target price is met. The group will share $600,000 if a $30 million purchase is agreed and a further $1 million if the sale is officially completed.

More bonuses will be granted if the publisher is sold for a higher amount than the target price.

Midway is also prepared to sell assets individually, such as the rights to its leading franchise Mortal Kombat.

Last summer Midway stock had a market capitalisation of around $350 million, a figure that highlights the hard times the publisher has fallen on.

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pixelsword5576d ago

Any way it goes, the games wouldn't have the same spirit and feel without the guys from Midway.

I still remember the first Mortal Kombat.

R.I.P. Midway.

Elven65576d ago

Their still not dead yet, two things can happen here

1. They pull a Atari and sell off a lot of their stuff until they are in a position to return, in the long run they will buy back their old catalog.

2. A company like Warner buys Midway for $30 million and pays off the $270 million or so debt that they assumed.

Number 2 seems like a more viable and better option since Midway will be able to keep everything and have the financial backing to not only make better games but expand into other territories like Asia.

pixelsword5576d ago

I hate to see people lose their jobs, especially when they are good at it.

Kleptic5576d ago (Edited 5576d ago )

its not midway in terms of MK...its Ed Boon...if he goes where ever with the MK license...the games will remain the same...

but its not like recent MK games have been anything like the past...

I too hate to see people lose their jobs...but I also hate to see consumers milked on old franchises that are not bringing anything new to the industry...Midway, like Atari, simply lost contact with this industry...and somehow have no idea what people want to play anymore...I mean stranglehold?...seriously?...t hat game cost more than killzone 2, and midway execs where pushing it as a title that would bring midway back to the front of gaming publishing...and it was a steaming pile of UE3 garbage...

didn't midway know that we had already played the entire game, only with an American cop instead of Mr. Fat?...Max Payne used the EXACT same gameplay mechanic...did it first...and did it better...you can not make games like that for that amount of money and stay in business...I would hope that any employee of midway that cares about what they do for a living; saw this coming a mile away...

pixelsword5576d ago

They are a little out of touch.

Maybe I'm a little nostalgic for the older days.

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DrWan5576d ago

It would strengthen their already over-powering first party development.

Kleptic5576d ago

yeah probably not the best time for Sony to do it...but if there is one hardware maker in this industry that understands the importance of 1st party strength...its Sony by a land slide...

MS will not buy midway for 30 million to buy the company...they'll instead give them 25 for some DLC for the new wheel man...didn't happen, but wouldn't surprise me...


Top 10 Sexiest New Male Video Game Characters

Opportunities to objectify male characters are rare, and I seize them every chance I get.

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gold_drake1d 3h ago

ff 16 cid is pretty hot.

also ff7 rebirth cid is pretty hot haha

15h ago
anast4h ago

'Opportunities to objectify male characters are rare'

Sounds like the writer needs more life experience.


The Cloud Gaming Graveyard: Dead Cloud Gaming Services

We take a walk around the Cloud Gaming Graveyard - listing all the failed cloud gaming services over the last decade.

We discuss the ups, the downs, and overall history of this technology. Turns out running a successful cloud gaming service that addresses the various technical hurdles and actually makes money is a real challenge.

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Chocoburger1d 2h ago

I'm sure that there will be more to come in the future.

UltimateOwnage4h ago

Latency and video compression will always make cloud gaming an afterthought.


Xbox Series X Sales Are Trailing Both Xbox One And 360

Meanwhile, the PS5's sales are leading the PS4's in the same amount of time.

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Vits2d ago (Edited 2d ago )

That would be the Xbox Series sales as a whole, not just the Series X. If we consider the latter in isolation, based on those leaked documents, it should be trailing behind the Dreamcast, Wii U, and PS Vita, let alone the much more successful Xbox 360 and Xbox One.

And it's also what the original source claims: "Xbox Series trails Xbox One by 13% and remains slightly behind Xbox 360". So I would suggest for the article to be corrected.

Rude-ro1d 11h ago

How is it slightly behind the 360 when the Xbox one never passed the 360 at all?

Plague-Doctor271d 7h ago (Edited 1d 7h ago )

Its launch aligned. The 360 had pretty decent sales numbers at the end of its lifespan due to Kinect which is where the One really trailed off as it had no legs. That late gen success is partly why they went so hard on the Kinect at the Xbox One reveal

Vits1d 4h ago (Edited 1d 4h ago )

It's a curve of sales over time. Currently, within the same timeframe, Xbox Series sales are slightly behind Xbox 360 sales, whereas Xbox One sales were actually slightly ahead of Xbox 360 sales within the same timeframe.

Here a example: https://www.vgchartz.com/ar...

It's a bit concerning that people don't seem to understand this.

S2Killinit1d 8h ago (Edited 1d 8h ago )

Its crazy that xbox is less and less relevant with every generation.

got_dam1d 5h ago

It really is too bad. Competition is important. Nintendo is not really Competition. Sega is out of the console business. The OG xbox was fucking awesome. 360 too. It's too damn bad MS can't stay out of their own fucking way.

Vits1d 4h ago

It's sort of impressive how they manage to pull it off. This generation seems to be the worst for Sony in terms of output, with fewer games being developed and released than in any previous console generation. It should have been the perfect opportunity for Microsoft to gain market share through partnerships and game development with their numerous studios. Instead, they have somehow managed to perform even worse.

At this point, one has to wonder if they are intentionally trying to fail.

S2Killinit1d 2h ago

I think the slow down in game developments has been across the board, not just for Sony. I think the console shortages put a hiccup in development. But it also doesnt help that MS never developed its own studios.

jznrpg1d 2h ago

It seemed probable with all the crappy moves and wait for E3’s.

Profchaos1d 1h ago

It's no surprise PlayStation is the market leader you can't just do what they do and expect success it's why Nintendo is still relevant and has put out the 2nd best selling console of all time with the switch.

There's no longer anything unique about Xbox gamepass there's barely any unique software and the identity they spent two generations fostering was killed off in one foul swoop and never recovered

Hotpot23h ago

MS is a service provider trying to get into game industry, while PS and Nintendo are game companies trying to grow their size. The principal behind those two are different and it was apparent in their strategies over the years.

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1d 16h ago Replies(3)
raWfodog1d 5h ago

Not good at all but expected since Xbox is not actively pushing their console sales anymore in favor of more ‘game anywhere’ GP subscriptions. I wonder if this will affect future plans for the next console. I can’t imagine them pumping a bunch of R&D into it if they not gonna be marketing and actively trying to push sales.

shinoff21831d 3h ago

That's fairly recent though. They haven't pushed just that this whole gen.

derek1d ago (Edited 1d ago )

Xbox has no say in this whether they are pushing the console or not. They were on the downward trend in the xbox1 gen, this is a continuation.