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View Full Version : Midway Pretty Much Given Away

DoctorFinger
12-01-2008, 05:55 AM
Times, they are tough for Midway. How tough? Tycoon Sumner Redstone has sold his controlling stake in the publisher for $0.0012 a share. That multiplies out to around $100,000, a price which Game Politics rightly points out could have been raised by almost any gamer with a full time job who wants to take out a loan.

The new owner of the House that Mortal Kombat Built is one Mark Thomas. In fact the real cost of the deal is much more than a hundred grand, since in addition to acquiring Midway's assets, Thomas has also acquired Midway's crushing $70M in debt, too. And don't shed a tear for Redstone either, his company will be reaping a $700M tax benefit for the sale.

Source - Game Politics (http://www.gamepolitics.com/2008/12/01/midway-sold-pennies-dollar).
Jeffool
12-01-2008, 06:07 AM
I'm curious about this Mark Thompson fellow. Is he the football player, soccer player, surveyor, funeral home owner, flautist? All, some, or none of the above? Maybe even a designer at Midway? That would be certainly be interesting!

Curious indeed.
DoctorFinger
12-01-2008, 06:26 AM
Well, it's Mark Thomas, not Thompson. And the article just identifies him as an 'investor', so it sounds like he's another Redstone, just on a smaller scale.
MagGnome
12-01-2008, 06:29 AM
Interesting. Midway's been going downhill for years now, so I guess we'll see what changes with this new aquisition.
Purple Santa
12-01-2008, 06:32 AM
Redstone is in deep financial problems. Any money and tax break he can get he's going to grab.
Widgetcraft
12-01-2008, 06:34 AM
He only had to pay $100k for a company in vast amounts of debt and no tangible value? Nifty.
Grifter
12-01-2008, 06:36 AM
He only had to pay $100k for a company in vast amounts of debt and no tangible value? Nifty.

Yeah but I hear the secretary is super hot and she puts out.
Iron Past
12-01-2008, 06:43 AM
Well, shit, we could have bought that. How awesome would it have been if CoG had controlling interest in Midway? Talk about puting your money where your mouth is.
Telefrog
12-01-2008, 08:41 AM
Well, shit, we could have bought that. How awesome would it have been if CoG had controlling interest in Midway? Talk about puting your money where your mouth is.

That would've been awesome... Until the $70M in bills started piling up. :D

No thanks.
LongStepMantis
12-01-2008, 08:49 AM
Well, shit, we could have bought that. How awesome would it have been if CoG had controlling interest in Midway? Talk about puting your money where your mouth is.

I would expect future MK games to feature piking fatalities and waffles.
Also, a hidden mustachioed web-site owner as a hidden boss ala Noob Saibot.
J Arcane
12-01-2008, 10:13 AM
That would've been awesome... Until the $70M in bills started piling up. :D

No thanks.
NAh, it's a corporation. All those bills are the corps, not ours, we just declare bankruptcy, add to the debt a little by signing over for ourselves some massive severance packages, and then just ditch the company while we feel the liberating embrace for a world where no one has to take responsibility for anything ever.
Ancalagon
12-01-2008, 10:19 AM
NAh, it's a corporation. All those bills are the corps, not ours, we just declare bankruptcy, add to the debt a little by signing over for ourselves some massive severance packages, and then just ditch the company while we feel the liberating embrace for a world where no one has to take responsibility for anything ever.

Even better is when the "corporation" somehow commits felonies, apparently without human influence, and it gets a fine representing something like 1% of its gross profit. That sure learned it good.
DangerousDaze
12-01-2008, 10:19 AM
The writing was pretty much on the wall when Colony of Gamers last investigated (http://www.colonyofgamers.com/cogforums/showthread.php?t=1527) Midway's financial troubles. It's good to see that the Midway name will continue, at least for a while longer.
LongStepMantis
12-01-2008, 10:22 AM
Even better is when the "corporation" somehow commits felonies, apparently without human influence, and it gets a fine representing something like 1% of its gross profit. That sure learned it good.

That's the beauty of corporate policies.
The important figures can take a sizable profit and run, the only ones who get screwed are the wage workers and mid to lower-level employees. Take that! People who aren't already rich!
Press Ninja
12-01-2008, 10:32 AM
Man, thats just sad. Midway is probably the closest game studio to me, and I always wanted to visit, but if it keeps turning out like this I doubt there will be any Midway left.
MagGnome
12-01-2008, 11:13 AM
NAh, it's a corporation. All those bills are the corps, not ours, we just declare bankruptcy, add to the debt a little by signing over for ourselves some massive severance packages, and then just ditch the company while we feel the liberating embrace for a world where no one has to take responsibility for anything ever.


America, fuck yeah! :cool:
Lekon
12-01-2008, 01:50 PM
Man, thats just sad. Midway is probably the closest game studio to me, and I always wanted to visit, but if it keeps turning out like this I doubt there will be any Midway left.

You know what you must do now. Dress like a ninja (Any of the MK ninjas.) Walk into Midway asap and yell "In before the ban!" then head out. In before the fatality works too.

Why the ninja suit? Mostly your name.

Also: Guess MK Vs DCU wasn't such a sure bet... kinda like everyone and their brother said when they heard the words "T-rated MK". They didn't even have the best feature from the last MK, that Create a Character.
civil
12-01-2008, 04:36 PM
Man, thats just sad. Midway is probably the closest game studio to me, and I always wanted to visit, but if it keeps turning out like this I doubt there will be any Midway left.
Yeah. I go by their offices on California every day. It looks dingier by the week.

As I said before, they've got nothing to worry about as long as they've got Hot Doug's across the street.