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Midway has 50 Days to Rack Up US $150 Million or it's Game Over

250°
311w ago - Big trouble. Big big trouble. Midway Games is in hot water now, trying to figure out how they can earn US $150 million in just 50 days.

If they fail, they'll have to declare bankruptcy, and it's game over. After getting sold for for a mere pittance, the publisher remains in such bad shape that they're facing bankruptcy in just a little over two months.

A file from the US Securities and Exchange Commission tells us that Midway is really grimacing in financial pain right now. So far, they've got US $10.3 million in the bank, so that's US $140 million to go.

No word yet on what Midway is planning to do with the situation. Call it quits or fight to the death? Or by some miracle actually make that deadline? The health bar is running low, and the economy is itching to deliver its fatality.

Check the source link above if you want to read up on the SEC file, to the lay man, good luck trying to understand that.
 

Midway Austin Project Canned, Confirms Layoffs

50°
328w ago - It appears Midway's financial woes continue. Today the company formally announced that it has canceled an "as-yet-unannounced" project in development at its Austin, Texas-based studio.

In further bleak news, as part of an ongoing initiative to "maximize its development resources and apply manpower and capital to projects with the highest chances of success," approx. 90 of all 130 employees employed by the studio will be laid off.

To quote: Matt Booty, interim CEO and president of Midway Games Inc. commented, "While this was a very difficult decision, we feel it was the right thing to do for the future of Midway. We view every game as an investment that must meet certain standards for quality, scheduling, and profitability. Midway remains committed to producing the highest quality entertainment, as evidenced by our strong holiday line-up which includes TNA iMPACT!, Blitz: The League II, and Mortal Kombat vs. DC Universe starring a team of MK characters and some of the most recognizable DC Comics personalities such as Batman, The Joker, and Superman."

Strong holiday line-up? Honestly, they'd be in deep trouble if it weren't for Mortal Kombat, which thankfully for them is almost guaranteed to sell well based on the inclusion of DC characters alone.
 

Rumor: Eidos, Midway In Merger Talks

50°
359w ago - Rumors are abound that Eidos and Midway are currently evaluating the possibility of a merger. This wouldn't be the first time that the two companies considered merging, as preliminary talks over a merger started three to four years ago. But at that time, both companies were doing relatively well, so nothing came of it.

Wedbush Morgan analyst Michael Pachter believes that a merger between the two companies is "feasible." One reason being that it would allow both parties to focus on the franchises that bring them financial success.

Both Midway and Eidos have been reluctant to comment on the rumor, giving it the old "no comment."
 

Midway: Halo 3 will help BlackSite sell

50°
375w ago - In an interview in UK videogame trade paper MCV, a Midway representative has made the interesting claim that BlackSite (its forthcoming sci-fi FPS) will actually benefit from going up against Halo 3.

"BlackSite will absolutely benefit from the popularity of Halo, and stands a fair chance of hitting number one," Aidan Minter, European brand manager for the company told MCV.

And while we're not going to say he's wrong per se, it does seem like a fairly bold claim, don't you think? With a TV ad campaign that cost $10 million alone, and one million pre-orders already for Halo 3 we can't imagine any other 360 FPS released this year will get much of a look in - let alone one released just a month after it, regardless of how good it might turn out to be.

And then there's the small business of Haze, UT3 (also from Midway), Call of Duty 4, Medal of Honor: Airborne, Orange Box, Enemy Territory: Quake Wars, Turok, name but a few. Do all these other shooters coming out the same three month period benefit BlackSite too?
 
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