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Midway Goes Bankrupt

February 12, 2009

Midway Goes Bankrupt

Mortal Kombat publisher files for Chapter 11 protection amid financial difficulties

After months of financial trouble, including a debt of $240 million to creditors, video-game publisher Midway has announced that they are filing for Chapter 11 protection. This move also follows the publicized sale of media mogul Sumner Redstone’s 87 percent stake in the company (valued at the time at roughly $30 million) for $100,000 to private financier Mark Thomas.

However, despite the report that the company has gone bankrupt, it was also announced that the company’s largest holiday title, Mortal Kombat vs. DC Universe, has shipped a respectable 2 million units.

Midway is the publisher of numerous console and PC franchises, including the successful Mortal Kombat fighting series, the Blitz series, and had recently acquired the Unreal Tournament license from Atari, most recently publishing Unreal Tournament III on PC and next-gen consoles.

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