paidContent - Warner Bros. Ends Up Paying $49 Million For Midway Games; 135 Jobs Cut
This story was written by Joseph Tartakoff.
Warner Bros. is paying substantially more than previously reported to purchase Midway Games, the bankrupt game company behind the Mortal Kombat franchise. Last week, a judge approved a deal in which Warner Bros. would acquire Midway for $33 million, but that price was subject to adjustment. The final price, according to an SEC filing: $49 million. The filing also indicates that Warner Bros. will close down Midway’s Chicago headquarters and lay off all 60 employees who work there. Another 75 employees who work at a Midway studio in Newcastle, U.K. are also losing their jobs. The sale ends a state of uncertainty that has existed at Midway ever since Sumner Redstone sold his 87 percent stake in the company last December to a mysterious investor for only $100,000 in cash (Via Gamespot).
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By Joseph Tartakoff