130
rate

Midway in trouble? 87% of stock bought for $100 000!

December 04, 2008 in News comments 10

Midway, the developers of Mortal Kombat and many other classic franchises may well be on the way out. Recently the company has got into serious debt, and a single investor bought a majority of 87% of the stock for just $100 000. Even worse the stock price fell 40% more after the sale. Mark Thomas, the new owner of company is expected to put 70 million dollars into the company to help rejuvenate it, but with the way things are going, you have to wonder whether it is enough.

Bale Fire via gamesindustry.biz »
Favourite this article Add source
| More
Report!
News story attached to:
Additional sources:

Comments

Register as a member to subscribe comments.
  • 0
    Storm* Dec 4, 08
    Wow...and here I thought they were doing alright with their franchise. I mean, the numbers for MK vs DCU is average, but they've done worse and pulled through.

    Damnit Midway, step it up. I know...give us a sequel to Shaolin Monks. Loved that game.
  • 2
    Dark Arcanine Dec 4, 08
    I guess today is a start for things to come. Company after company are experiencing hardship, really makes you feel bad considering the close proximity of Christmas.
    • 0
      Daigoji_Gai Dec 5, 08
      Well said, a lot of people are hitting hard times and losing quality jobs that won't be easily replaced in the current economic situation. Very very heartbreaking, but kudos for having heart and making a sincere comment about the hard times ATM.

      If I could, I would give you 5 thumbs up for that post.
  • 1
    Onvacation Dec 4, 08
    You spelt Kombat right. You dolt.
    • 0
      chautemoc Dec 4, 08
      Edited for truth and justice.
  • 0
    Daigoji_Gai Dec 5, 08
    I regret I didn't buy that 87% of Midway for 100k - well actually for the 60k figure after the continued drop. Aaah, a boy can dream.
  • 0
    Sayyed Dec 5, 08
    Sheehs, is it just me or does it seem like a lot of the older companies like midway are not as popular as the newer ones.
    • 1
      Daigoji_Gai Dec 5, 08
      Well lots of reasons, look at the current incarnation of Atari - it is not the Atari of old, and has changed hands and merged with others over the years including (if I remember) Interplay at one point. The brands still have recognition and legacy value, unfortunate just haven't been generating the returns given the games they've been releasing.

      Shame to see Midway in these dire straits, but with flops like the Spy Hunter remake, and the only cash cow being Mortal Kombat, this is the end result.

      Depressing.
      • 0
        chautemoc Dec 5, 08
        Atari now is totally not Atari to me in the 80s. Obviously things are going to change and evolve, but they're just completely different to me.

        Quite.
  • 0
    Final Blade Dec 6, 08
    I sense midway will be bought out by someone with more Money. EA or SE comes to mind.

    Oh well, its not just them having issues, the stock market is having effects on companies like MS and Sony.

This news story is archived and is closed to comments now.