DA
06-30-2009, 05:32 PM
Have you ever been among a group of people, and maybe someone mentions a movie of dubious quality, but you express how much you loved that movie expecting everyone else to agree, and then no one else agrees and they all look at you suspiciously, and you suddenly feel really exposed and vulnerable? We wonder if that's how Warner Bros. is feeling right now. The L.A. Times reports (via IGN) that Warner Bros. emerged as the sole suitor for Midway once the deadline for bids on the bankrupt publisher ended on Wednesday.
"No other bids came in, so there's not going to be an auction," said Midway spokesman Geoff Mogilner, meaning the Warner Bros. bid of $33 million wins by default. Then again, perhaps it's Midway's shareholders that are feeling exposed right now -- Warner Bros. actually extended their $33 million offer to Midway back in May, but Midway declined in the hopes of sparking a bidding war and raising the price. Clearly, that didn't work out very well.
The deal includes many of Midway's most recognizable assets, including ownership of their Mortal Kombat, Spy Hunter, Joust and Wheelman franchises. It also includes their Chicago and Seattle studios, but not their San Diego studio (makers of the TNA wrestling games) or Newcastle, U.K studio (makers of Wheelman).
But a couple of roadblocks still stand in the way, including a lawsuit filed by Threshold Entertainment's Lawrence Kasanoff (who seeks to "preserve his IP rights" to the Mortal Kombat franchise in film and television), and the Vin Diesel-controlled Tigon Studios, which claims Diesel is still owed $200,000 from his involvement in Wheelman. As soon as those impediments are resolved, however, Mogilner says the Warner Bros. deal will close 10 days later.
"No other bids came in, so there's not going to be an auction," said Midway spokesman Geoff Mogilner, meaning the Warner Bros. bid of $33 million wins by default. Then again, perhaps it's Midway's shareholders that are feeling exposed right now -- Warner Bros. actually extended their $33 million offer to Midway back in May, but Midway declined in the hopes of sparking a bidding war and raising the price. Clearly, that didn't work out very well.
The deal includes many of Midway's most recognizable assets, including ownership of their Mortal Kombat, Spy Hunter, Joust and Wheelman franchises. It also includes their Chicago and Seattle studios, but not their San Diego studio (makers of the TNA wrestling games) or Newcastle, U.K studio (makers of Wheelman).
But a couple of roadblocks still stand in the way, including a lawsuit filed by Threshold Entertainment's Lawrence Kasanoff (who seeks to "preserve his IP rights" to the Mortal Kombat franchise in film and television), and the Vin Diesel-controlled Tigon Studios, which claims Diesel is still owed $200,000 from his involvement in Wheelman. As soon as those impediments are resolved, however, Mogilner says the Warner Bros. deal will close 10 days later.