Midway Acquisition Approved

Warner will be allowed to finalize its buyout of Midway and its assets, the Chicago Tribune reported today, following approval granted by a bankruptcy judge. Within ten days, Midway will be part of Warner Bros. once most of its assets are picked up. The $33 million deal was the only offer made to acquire Midway in an auction that took place on Tuesday.

Midway San Diego and Midway Newcastle, however, will not be joining the other studios and properties in the move to Warner Bros. Warner Bros. has given them 60 days to find new owners before they’re shut down, and their staffers have likewise received their 60 day notices.

In addition, several sports franchises, including Blitz and NBA Ballers are up for sale and will not be kept, according to Joystiq.com.

Mark Thomas, the investor who purchased Sumner Redstone’s 87% majority share in the company last December for $100,000, will receive a $5 million payout out of the deal. That figure is substantially lower than Thomas’s original $30 million demand, but a settlement was made with Midway’s creditors earlier this month.