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Midway UK Purchased for 50p

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Following last month's closure of Midway Newcastle, the development team responsible for The Wheelman, it has today been revealed that the remainder of Midway's UK business has been purchased for approximately £0.50 (GBP). Midway's managing director for Europe, Martin Spiess, has negotiated the bargain deal, which sees him buy both the Midway Games France and UK offices for 1 Euro, around £0.86 at the time of writing.
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electronictheatre.co.uk
kevco33 - contributor
Published: 112 days 17 hours ago | News | PlayStation 3 | Xbox 360 | PC | Industry News
 
 

Showing: 1 - 16 of 16 Comments
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cyguration - 112 days 13 hours ago
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1 - For Midway
that's sort of humiliating.
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InfectedDK - 112 days 13 hours ago
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1.1 -
Yeah thought that too.. Well overpricing nowadays is getting outta hand..
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enkeixpress - 112 days 13 hours ago
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2 - lol pwned
That is.. For lack of a better word.. Hilarious.

The guy got quite a bargain, I'll give him that much! Lucky Bastard xD

Fair play though, He got there first lol
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Steven Colbert - 112 days 13 hours ago
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3 -
Thats sad
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mezzo - 112 days 13 hours ago
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4 -
Thats the saddest thing.
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pixelsword - 112 days 12 hours ago
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5 - It's not sad or funny; it's business
I'm sure that some back-alley deal was struck before these two parties ever met in the flesh to lower the cost of the transfer to keep the maximum amount of employees at the office; especially since it was like they said a "management buyout". The management are the ones every should/shouldn't feel sorry for.
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Fatal Blow - 112 days 12 hours ago
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6 -
Damn that's messed up 50p lol

o well that's good for the guy who bought it now if only they make a great mk like the first 1
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MK_Red - 112 days 12 hours ago
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6.1 -
Dude, MK1 film was PG-13 and it was only second to MK2 film in terms of suckage.
PG-13 MK? Only in Hollywood where Deadpool is a computer controlled mute.
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MK_Red - 112 days 12 hours ago
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What's the catch? Seriously, even Activision CEO's soul woulbe be more than 50p (if he had a soul).
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Russ_90 - 111 days 20 hours ago
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7.1 -
Usually with company buyouts of this kind (where the buyer pays pennies) it's because the company has an extensive amount of debt which the buyer wipes out as as part of the agreement of buying the company.

Because you have to pay something in order to legally buy the company it's usually some stupidly small amount.

There was a case not long ago of some guy buying a company for a pennny but it was in millions of pounds worth of debt.

I guess it just depends on if you see enough potential to turn the company around and turn a profit from it a few years down the line and
also if you have enough money to burn that you can wipe out the amount of a companies debt in order to do so.

It might look like a bargain on the surface but the guy could be taking a big gamble behind the scenes!
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redDevil87 - 112 days 12 hours ago
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8 - What, 50p!
A can of coke costs more than that in some places!
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KR1ST0F3R - 112 days 10 hours ago
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9 -
just goes to show how outrageous activision are, they want £54.99 for a game when you can buy a game studio for £0.50.

also, "responsible for the wheelman" sounds like it is meant in the same way "fred west was responsible for a string of murders"
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Elven6 - 112 days 10 hours ago
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9.1 -
Midway Newcastle was the one responsible for Wheelman, these were only the management divisions that would deal with publishing games in their region.
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vShinobi - 112 days 9 hours ago
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What a shame, don't worry Midway I'll turn the other way.
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fossilfern - 112 days 9 hours ago
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HOLY SH!T what a deal!
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darkequitus - 112 days 8 hours ago
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Not much of a deal, as you get all the sh*te (employees etc. that goes with it)
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