Exclusive – Midway in buy-out talks with Ubi Soft
Family silver cashed in, Midway looks to France.
Crank the Weasel, sell the company?
We can reveal that Midway Games is involved in protracted talks with French developer and publisher Ubi Soft over a possible buy-out, following a deepening of Midway’s cash and development crisis.
An insider, preferring to remain anonymous, told us, “We have had pretty much everyone at the table, looking over the books and reviewing the value of the firm in all areas. However, there is a perception that the firm has cashed in its best assets, and done so too cheaply. Defender, Gauntlet, Spy Hunter have all been spent and the development coffers are looking increasingly bare…”
They continued, “The story that ran which stated Microsoft was looking into buying us was false, and probably came direct from Midway itself. Activision was a serious possibility, but they turned us down. We were just asking for too much money, for too little in return.”
Then, talking about the progress of the deal with Ubi Soft, “From what I gather, things are at a pretty late stage and in principle, things have been agreed. As long as the money is right, I think it will go through.”
In related news, Midway has made the shock announcement that its California development studio has closed down, with the loss of 76 jobs.
An insider, preferring to remain anonymous, told us, “We have had pretty much everyone at the table, looking over the books and reviewing the value of the firm in all areas. However, there is a perception that the firm has cashed in its best assets, and done so too cheaply. Defender, Gauntlet, Spy Hunter have all been spent and the development coffers are looking increasingly bare…”
They continued, “The story that ran which stated Microsoft was looking into buying us was false, and probably came direct from Midway itself. Activision was a serious possibility, but they turned us down. We were just asking for too much money, for too little in return.”
Then, talking about the progress of the deal with Ubi Soft, “From what I gather, things are at a pretty late stage and in principle, things have been agreed. As long as the money is right, I think it will go through.”
In related news, Midway has made the shock announcement that its California development studio has closed down, with the loss of 76 jobs.
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