Warner Brothers Buys Out Midway For $33 Million
In February, Midway filed for bankruptcy and then the company decided to use cash collateral to keep their company alive. Looks like the company will not need to hang by a financial string anymore because the Mortal Kombat company was bought by Warner Brothers for $33 million.
As part of the deal, Warner Brothers will get most of Midway’s assets. And some of the legal disputes existing between creditors, senior executives, and major stakeholder Mark Thomas have been resolved.
Some of the companies that objected to the Warner Brothers sale include Hollywood production company Threshold Entertainment, which produced two Mortal Kombat movies. Tigon Studios Inc., a company founded by Vin Diesel also objected to the sale. Tigon and Midway both worked on a video game called Wheelman which starred Diesel. All of the objections were resolved.
[via ChicagoTribune]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry