Warner makes $33m bid for Midway

As predicted by MCV, Midway has announced that Warner Bros. has made a $33 million bid to buy the firm’s US assets.

Under the ‘stalking horse’ agreement, Warner could acquire the Mortal Kombat series and Midway’s Chicago and Seattle studios. Midway’s Newcastle and San Diego studios are not included in the deal, nor is the firm’s TNA series.

The deal is currently under consideration with the US Bankruptcy Court.

Prior to approval, there will be a court-supervised auction process to deal with any potential rival bids. The auction would be to secure the highest value possible for the company’s stakeholders.

MCV revealed last month that a $30 million bid for Midway was in-bound, with a source close to Warner saying: Warner is pretty confident that they will get Midway – which will be an immediate boost to their portfolio. The deal isn’t done yet. Midway is still open to offers from other potential buyers – but Warner looks to be favourite to wrap it up. They look ready to put the money on the table.”