Midway Games, Inc. is an American video game publisher. Following a bankruptcy filing in 2009, it is no longer active and is in the process of liquidating all of its assets. Midway's titles included Mortal Kombat, Ms.Pac-Man, Spy Hunter, Tron, Rampage and NBA Jam. Midway also acquired the rights to video games that were originally developed by Williams Electronics and Atari Games, such as Defender, Joust, Robotron 2084, Gauntlet and the Rush series.
The company's predecessor was founded in 1958 as Midway Manufacturing, an amusement game manufacturer. In 1973 it moved into the interactive entertainment industry, developing and publishing arcade video games. The company scored its first hit with the U.S. distribution of Space Invaders in 1978. Midway was purchased and re-incorporated in 1988 by WMS Industries Inc. After many years as a leader in the arcade segment, Midway moved into the growing home video game market beginning in 1996, the same year that it made its initial public offering of stock. In 1998, WMS spun off its remaining shares of Midway. Midway was ranked as the fourth largest-selling video game publisher in 2000.[2]
After 2000, Midway continued to develop and publish video games for home and handheld video game machines, but it experienced large annual net losses and engaged in a series of stock and debt offerings and other financings and borrowings. Sumner Redstone, the head of Viacom/CBS Corporation, increased his stake in Midway from about 15%, in 1998, to about 87% by the end of 2007.[3] In December 2008, Redstone sold all his stock and $70 million of Midway debt to Mark Thomas, a private investor, for $100,000.[4]
In February 2009, Midway Games filed in Delaware for bankruptcy.[5] Warner Bros. purchased most of Midway's assets (including Mortal Kombat), and Midway settled with Mark Thomas to relinquish his Midway stock and debt.[6][7] The U.S. District Court in Chicago dismissed a lawsuit alleging that former officers of Midway misled shareholders while selling their own stock.[8] In 2010, the bankruptcy court dismissed claims against Redstone concerning his sale of the company to Thomas and approved Midway's plan of liquidation.[9] The company terminated the public registration of its securities in June 2010
MIDWAY ACQUIRES U.K. DEVELOPER PITBULL SYNDICATE
- Developer of Highly-Anticipated L.A. RUSH Extends Midway's U.K. Presence -
Midway Games Inc., a leading interactive entertainment publisher and developer, announced today that it has acquired The Pitbull Syndicate Limited, an accomplished game development studio based in Newcastle, UK. Midway acquired the privately-held developer in a primarily stock transaction for 199,385 Midway shares, subject to potential customary post-closing adjustments. The studio is currently developing Midway's highly-anticipated L.A. RUSHTM along with additional next generation projects. The studio will be renamed Midway Studios - Newcastle.
Midway's President and Chief Executive Officer, David F. Zucker, commented, "We have been collaborating with Pitbull on the upcoming reinvention of our RUSH franchise, L.A. RUSH, which we anticipate will be launching in October. This close-knit team of highly talented developers brings to Midway a successful track record, specifically the Test Drive series, of which three titles have sold over one million units. L.A. RUSH will be the first title in our co-marketing relationship with MTV, and we are excited to add the creative force behind this title to our expanding internal development staff."
Midway's Senior Vice President - Worldwide Studios, Matt Booty, said, "Pitbull has mastered the art and science of arcade-style racers, with sophisticated technology that allows huge free-roaming environments, hundreds of destructible objects, and an advanced artificial intelligence system capable of handling more than 100 vehicles at once. Pitbull will form the foundation of Midway's future racing games, and we are excited to expand our international presence in one of the strongest regions for game development talent in the UK."
Based in Newcastle, UK, The Pitbull Syndicate Limited was established in December 1996 by a small group of programmers and artists who specialize in racing games, producing four games in the Test Drive series, which has sold over 5.5 million units throughout the life of the franchise.
In addition to shares issued as consideration for the acquisition of Pitbull, 25,146 restricted shares of Midway common stock were issued to key Pitbull employees as retention incentives. The restrictions on the shares will lapse over a period of three years, provided the employee remains at the Company. Pitbull employees who received the rights were: Pete Brace, Ian Copeland, Gavin Freyberg, Jonathan Kay, Daren Kelly, Mark Leadbeater, Ben Marsh, Chris McClure, Stewart Neal, Mark Wilkinson, and Chris Wood.
CHICAGO, IL – November 30, 2004 - Midway Games Inc. (NYSE: MWY) announced today that it has acquired Paradox Development, the studio now developing Midway’s upcoming videogame, Mortal Kombat: Shaolin Monks. Midway acquired privately-held Paradox in an all-stock transaction for 333,334 Midway common shares. The acquisition further strengthens the Company’s internal development capabilities as it brings two talented development teams to Midway. This marks the third acquisition in recent months to bolster Midway’s high quality game development. In October, 2004 Midway acquired Austin, Texas-based Inevitable Entertainment Inc., the development studio working on Midway’s upcoming new videogame, AREA 51. In April, 2004 Midway acquired Seattle, Washington-based Surreal Software Inc., the highly accomplished video game developer behind the successful videogame, The Suffering.
Midway President and Chief Executive Officer David F. Zucker commented, “In acquiring Paradox Development, we have added a talented and established developer that not only deepens our internal product development organization but also brings incremental fighting-genre expertise to Midway. We have made great strides in improving our overall quality of games, and the industry and our customers have recognized this accomplishment. Today’s acquisition further strengthens our ability to expand on our current portfolio of games and produce new high quality, top-selling games for the future. Furthermore, the Paradox teams’ expertise in the fighting genre is an excellent fit with Midway’s product strengths and will help us extend the Mortal Kombat franchise into the action-adventure genre and release a highly engaging title in the Mortal Kombat universe annually.”
Based in Moorpark, California, Paradox Development is a successful creator of high-quality interactive entertainment products, with an emphasis on games within the fighting genre. Founded in 1994 by Christine Hsu, the former COO/CFO of Malibu Comics, Paradox Development has developed 13 titles, including seven fighting games, across multiple platforms.
In addition to shares issued for the acquisition of Paradox Development, a total of 261,906 restricted shares of Midway common stock were issued to key Paradox employees as retention incentives. The restrictions on the stock will lapse in stages over a period of three years, provided the employee remains at the Company. The Paradox employees who received restricted shares were: Teresa Chang, Damon Dubois, David Gautrey, James Guintu, Christine Hsu, Paul Interrante, Peter Jefferies, Ben Kutcher, Mark Lappin, James Maxwell, David Ollman, Adam Phul, Richie Romero, Barclay Smith and Paul Stapley.
Midway acquired the previously privately-held Paradox in an all-stock transaction for 333,334 of Midwayâ??s common shares. In addition, a total of 261, 906 restricted shares of Midway common stock were issued to key Paradox employees as retention incentives. The restrictions on the stock will lapse in stages over a period of three years, provided the employee remains at the Company. The Paradox employees who received restricted shares were: Teresa Chang, Damon Dubois, David Gautrey, James Guintu, Christine Hsu, Paul Interrante, Peter Jefferies, Ben Kutcher, Mark Lappin, James Maxwell, David Ollman, Adam Phul, Richie Romero, Barclay Smith and Paul Stapley.
The move marks the third acquisition by Midway in recent months following similar acquisitions of both Inevitable Entertainment and Surreal Software, as the US publisher aims to strengthen its internal development capabilities ahead of the next-generation.
Midway President and Chief Executive Officer David F. Zucker commented, "In acquiring Paradox Development, we have added a talented and established developer that not only deepens our internal product development organization but also brings incremental fighting-genre expertise to Midway. We have made great strides in improving our overall quality of games, and the industry and our customers have recognized this accomplishment. Today's acquisition further strengthens our ability to expand on our current portfolio of games and produce new high quality, top-selling games for the future. Furthermore, the Paradox teams' expertise in the fighting genre is an excellent fit with Midway's product strengths and will help us extend the Mortal Kombat franchise into the action-adventure genre and release a highly engaging title in the Mortal Kombat universe annually."
The company's predecessor was founded in 1958 as Midway Manufacturing, an amusement game manufacturer. In 1973 it moved into the interactive entertainment industry, developing and publishing arcade video games. The company scored its first hit with the U.S. distribution of Space Invaders in 1978. Midway was purchased and re-incorporated in 1988 by WMS Industries Inc. After many years as a leader in the arcade segment, Midway moved into the growing home video game market beginning in 1996, the same year that it made its initial public offering of stock. In 1998, WMS spun off its remaining shares of Midway. Midway was ranked as the fourth largest-selling video game publisher in 2000.[2]
After 2000, Midway continued to develop and publish video games for home and handheld video game machines, but it experienced large annual net losses and engaged in a series of stock and debt offerings and other financings and borrowings. Sumner Redstone, the head of Viacom/CBS Corporation, increased his stake in Midway from about 15%, in 1998, to about 87% by the end of 2007.[3] In December 2008, Redstone sold all his stock and $70 million of Midway debt to Mark Thomas, a private investor, for $100,000.[4]
In February 2009, Midway Games filed in Delaware for bankruptcy.[5] Warner Bros. purchased most of Midway's assets (including Mortal Kombat), and Midway settled with Mark Thomas to relinquish his Midway stock and debt.[6][7] The U.S. District Court in Chicago dismissed a lawsuit alleging that former officers of Midway misled shareholders while selling their own stock.[8] In 2010, the bankruptcy court dismissed claims against Redstone concerning his sale of the company to Thomas and approved Midway's plan of liquidation.[9] The company terminated the public registration of its securities in June 2010
MIDWAY ACQUIRES U.K. DEVELOPER PITBULL SYNDICATE
- Developer of Highly-Anticipated L.A. RUSH Extends Midway's U.K. Presence -
Midway Games Inc., a leading interactive entertainment publisher and developer, announced today that it has acquired The Pitbull Syndicate Limited, an accomplished game development studio based in Newcastle, UK. Midway acquired the privately-held developer in a primarily stock transaction for 199,385 Midway shares, subject to potential customary post-closing adjustments. The studio is currently developing Midway's highly-anticipated L.A. RUSHTM along with additional next generation projects. The studio will be renamed Midway Studios - Newcastle.
Midway's President and Chief Executive Officer, David F. Zucker, commented, "We have been collaborating with Pitbull on the upcoming reinvention of our RUSH franchise, L.A. RUSH, which we anticipate will be launching in October. This close-knit team of highly talented developers brings to Midway a successful track record, specifically the Test Drive series, of which three titles have sold over one million units. L.A. RUSH will be the first title in our co-marketing relationship with MTV, and we are excited to add the creative force behind this title to our expanding internal development staff."
Midway's Senior Vice President - Worldwide Studios, Matt Booty, said, "Pitbull has mastered the art and science of arcade-style racers, with sophisticated technology that allows huge free-roaming environments, hundreds of destructible objects, and an advanced artificial intelligence system capable of handling more than 100 vehicles at once. Pitbull will form the foundation of Midway's future racing games, and we are excited to expand our international presence in one of the strongest regions for game development talent in the UK."
Based in Newcastle, UK, The Pitbull Syndicate Limited was established in December 1996 by a small group of programmers and artists who specialize in racing games, producing four games in the Test Drive series, which has sold over 5.5 million units throughout the life of the franchise.
In addition to shares issued as consideration for the acquisition of Pitbull, 25,146 restricted shares of Midway common stock were issued to key Pitbull employees as retention incentives. The restrictions on the shares will lapse over a period of three years, provided the employee remains at the Company. Pitbull employees who received the rights were: Pete Brace, Ian Copeland, Gavin Freyberg, Jonathan Kay, Daren Kelly, Mark Leadbeater, Ben Marsh, Chris McClure, Stewart Neal, Mark Wilkinson, and Chris Wood.
CHICAGO, IL – November 30, 2004 - Midway Games Inc. (NYSE: MWY) announced today that it has acquired Paradox Development, the studio now developing Midway’s upcoming videogame, Mortal Kombat: Shaolin Monks. Midway acquired privately-held Paradox in an all-stock transaction for 333,334 Midway common shares. The acquisition further strengthens the Company’s internal development capabilities as it brings two talented development teams to Midway. This marks the third acquisition in recent months to bolster Midway’s high quality game development. In October, 2004 Midway acquired Austin, Texas-based Inevitable Entertainment Inc., the development studio working on Midway’s upcoming new videogame, AREA 51. In April, 2004 Midway acquired Seattle, Washington-based Surreal Software Inc., the highly accomplished video game developer behind the successful videogame, The Suffering.
Midway President and Chief Executive Officer David F. Zucker commented, “In acquiring Paradox Development, we have added a talented and established developer that not only deepens our internal product development organization but also brings incremental fighting-genre expertise to Midway. We have made great strides in improving our overall quality of games, and the industry and our customers have recognized this accomplishment. Today’s acquisition further strengthens our ability to expand on our current portfolio of games and produce new high quality, top-selling games for the future. Furthermore, the Paradox teams’ expertise in the fighting genre is an excellent fit with Midway’s product strengths and will help us extend the Mortal Kombat franchise into the action-adventure genre and release a highly engaging title in the Mortal Kombat universe annually.”
Based in Moorpark, California, Paradox Development is a successful creator of high-quality interactive entertainment products, with an emphasis on games within the fighting genre. Founded in 1994 by Christine Hsu, the former COO/CFO of Malibu Comics, Paradox Development has developed 13 titles, including seven fighting games, across multiple platforms.
In addition to shares issued for the acquisition of Paradox Development, a total of 261,906 restricted shares of Midway common stock were issued to key Paradox employees as retention incentives. The restrictions on the stock will lapse in stages over a period of three years, provided the employee remains at the Company. The Paradox employees who received restricted shares were: Teresa Chang, Damon Dubois, David Gautrey, James Guintu, Christine Hsu, Paul Interrante, Peter Jefferies, Ben Kutcher, Mark Lappin, James Maxwell, David Ollman, Adam Phul, Richie Romero, Barclay Smith and Paul Stapley.
Midway acquired the previously privately-held Paradox in an all-stock transaction for 333,334 of Midwayâ??s common shares. In addition, a total of 261, 906 restricted shares of Midway common stock were issued to key Paradox employees as retention incentives. The restrictions on the stock will lapse in stages over a period of three years, provided the employee remains at the Company. The Paradox employees who received restricted shares were: Teresa Chang, Damon Dubois, David Gautrey, James Guintu, Christine Hsu, Paul Interrante, Peter Jefferies, Ben Kutcher, Mark Lappin, James Maxwell, David Ollman, Adam Phul, Richie Romero, Barclay Smith and Paul Stapley.
The move marks the third acquisition by Midway in recent months following similar acquisitions of both Inevitable Entertainment and Surreal Software, as the US publisher aims to strengthen its internal development capabilities ahead of the next-generation.
Midway President and Chief Executive Officer David F. Zucker commented, "In acquiring Paradox Development, we have added a talented and established developer that not only deepens our internal product development organization but also brings incremental fighting-genre expertise to Midway. We have made great strides in improving our overall quality of games, and the industry and our customers have recognized this accomplishment. Today's acquisition further strengthens our ability to expand on our current portfolio of games and produce new high quality, top-selling games for the future. Furthermore, the Paradox teams' expertise in the fighting genre is an excellent fit with Midway's product strengths and will help us extend the Mortal Kombat franchise into the action-adventure genre and release a highly engaging title in the Mortal Kombat universe annually."
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