Wikipedia

Midway Games

(Redirected fromBally Midway)

For the games seen at fairs and carnivals, seeMidway (fair).

Midway Games Inc.(formerlyMidway ManufacturingandBally Midway,and commonly known simply asMidway) was an American video game company that existed from 1958 to 2010. Midway's franchises includedMortal Kombat,Rampage,Spy Hunter,NBA Jam,Cruis'nandNFL Blitz.Midway also acquired the rights to video games that were originally developed byWMS IndustriesandAtari Games,such asDefender,Joust,Robotron: 2084,Gauntletand theRushseries.

Midway Games Inc.
FormerlyMidway Manufacturing (1958–1982, 1988–1996)
Bally Midway (1982–1988)
Company typePublic
Nasdaq:MWY
Industry
FoundedNovember 1, 1958;66 years ago(1958-11-01)[1]
Founders
  • Henry Ross
  • Marcine Wolverton
DefunctJune 9, 2010;14 years ago(2010-06-09)
FateChapter 11 bankruptcy;majority of assets were sold toWarner Bros. Interactive Entertainment
SuccessorWarner Bros. Interactive Entertainment
HeadquartersChicago,Illinois,U.S.
Key people
Matt Booty[2](PresidentandCEO)
ProductsMs. Pac-Man
Spy Hunter
Rampage
Mortal Kombat
NBA Jam
Cruis'n
NFL Blitz
RevenueIncreaseUS$219.6 million(FY 2008)[3]
Decrease-US$191.0 million(FY 2008)[3]
OwnerBally Manufacturing(1969–1988)
WMS Industries, Inc.(1988–1998)
Number of employees
540[3](February 2009)

The company was founded as Midway Manufacturing in 1958, as an amusement game manufacturer. The company was then purchased byBally Manufacturingin 1969. In 1973, Midway moved into theinteractive entertainmentindustry,developingandpublishingarcade video games.The company scored its first mainstream hit with the U.S. distribution ofSpace Invadersin 1978. Bally then consolidated itspinballdivision with Midway in 1982, which was renamed Bally/Midway. In 1988, Bally Manufacturing sold its amusement games operations toWMS Industries,the former Williams Electronics, which used the plain Midway name for video games while using the Bally and Williams names for pinball.

In 1994, WMS purchasedTradewestto bring publishing of home video game market in-house, with the latter becoming Midway Home Entertainment in 1996, the same year that Midway made itsinitial public offeringof stock. In 1998, WMS spun off its remaining shares of Midway. Midway was ranked the fourth largest-selling video game publisher in 2000.[4]However it experienced large annual net losses and engaged in a series of stock and debt offerings and other financings and borrowings. Midway exited the arcade industry in 2001.Sumner Redstone,the head ofViacomandCBS Corporation,increased his stake in Midway from about 15% in 1998 to about 87% by the end of 2007.[5]In December 2008, Redstone sold all his stock and $70 million of Midway debt to Mark Thomas, a private investor, for $100,000.[6]

In February 2009, Midway Games filed for Chapter 11 bankruptcy.[7]Warner Bros. Interactive Entertainmentacquired most of Midway's assets, and Midway settled with Mark Thomas to relinquish his Midway stock and debt.[8][9]TheU.S. District Courtin Chicago dismissed a lawsuit alleging that former officers of Midway misled shareholders while selling their own stock.[10]In 2010, the bankruptcy court dismissed claims against Redstone concerning his sale of the company to Thomas and approved Midway's plan of liquidation.[11]Midway terminated the public registration of its securities on June 9, 2010.[12]

History

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Arcade games

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Midway Mfg. Co. began in November 1958 as an independent manufacturer of amusement equipment founded by Henry Ross and Marcine Wolverton.[1][13][14]It was purchased byBallyin 1969.[15]Bally, at that time, was a leader in the manufacture of slot machines.[16]After some years making mechanicalarcade gamessuch as puck bowling and simulated western shoot-out, Midway became an early American maker of arcadevideo games.Throughout the 1970s, Midway had a close alliance with Japanese video game publisherTaito,with both companies regularly licensing their games to each other for distribution in their respective country.

Meanwhile, Midway's breakthrough success came in 1978, with the licensing and distribution of Taito's seminal arcade gameSpace Invadersin America.[16]This was followed by Midway's licensing and distributing the U.S. version ofNamco'sPac-Manin 1980, and its sequel,Ms. Pac-Man,in 1982.[17][18]Also in 1982, Midway became Bally Midway Mfg. Co. after Bally merged itspinballdivision with Midway. Three games released that year, includingSatan's Hollow,were the first to feature the Bally/Midway brand. From the late 1970s through the late 1980s, Midway was the leading producer of arcade video games in the United States. In 1983, Bally Midway acquired arcade manufacturing assets ofSega ElectronicsfromGulf and Western Industries,and through the purchase also gained distribution rights to arcade games developed bySegaEnterprises, Ltd. in the United States for two years which included titles such asAstron Belt,Flicky,Future Spy,andUp 'N Down.[19]

Bally Midway was purchased in 1988 by the arcade and pinball game company Williams Electronics Games through its holding company WMS Industries, Inc. and its name was changed back to Midway Manufacturing. Midway moved its headquarters fromFranklin Park, Illinois,to Williams's then-headquarters inChicago,and WMS reincorporated Midway as aDelaware corporation.[3]Although WMS retained manyR&Demployees from the original Midway, only two game designers were retained:RampagedesignersBrian Colinand Jeff Nauman. WMS obtained the right from Bally to use the "Bally" brand for its pinball games since Bally had completely left the arcade/pinball industry to concentrate on casinos and slot machines.

Under WMS ownership, Midway initially continued to produce arcade games under the Bally/Midway label, while producing pinball machines under the "Bally" brand. In 1991, however, Midway absorbed Williams' video game division and stopped using the "Bally/Midway" label for its arcade games. In 1992, the company'sThe Addams Familymachine became the best selling pinball game of all time.[16]In 1996, WMS purchasedTime Warner Interactive,which includedAtari Games,originally a part ofAtari, Inc.Also in 1996, Midway changed its original corporate name, Midway Manufacturing, to Midway Games Inc., due to its entrance in thehome consolemarket. This was facilitated by WMS transferring its former home console division, Williams Entertainment, Inc., to Midway. The division had previously been known asTradewest,which WMS had acquired along with its subsidiaryLeland Corporationin 1994. The original arcade division of the company became Midway Amusement Games and the newly created home division was named Midway Home Entertainment.[20]

Spin-off and home video game focus

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In 1996, WMS made a public offering of Midway stock. At the same time, WMS transferred its video game copyrights and trademarks to Midway while Midway transferred its pinball assets to WMS.[16]In 1998, WMS spun off its remaining 86.8% interest in Midway to the WMS shareholders, making Midway an independent entity for the first time in almost 30 years.[21]Midway kept Atari Games as a wholly ownedsubsidiaryas part of thisspin-off.Midway retained or shared some of the WMS executive staff and used some common facilities with WMS for a few more years. Over several years, Midway gradually terminated all material agreements and executive overlap with WMS and had a declining number of common members of its board of directors, until it shared only one with its former parent company.

On December 22, 1999, Midway changed the name of its Atari Games subsidiary to Midway Games West, Inc.[22]to avoid confusion withAtari Interactive.On June 22, 2001, Midway announced that it was closing its arcade division due to a decline in the arcade market.[23][24]Midway shut down Midway Games West in February 2003, but it remained as an entity. After losing money each year since 2000, Midway's losses accelerated in 2003, as it lost $115 million on sales of about $93 million.[25]Despite these losses, the company was able to finance its business with stock and debt offerings and various credit arrangements. In 2003,Sumner Redstone,a significant minority shareholder since the company's spinoff, began to increase his stake in the company and soon owned 80% of the stock.[26]

In 2004, in an effort to expand its market share, Midway began a purchasing spree of independent video game development studios to strengthen its product development teams[27]In April 2004, Midway acquiredSurreal Softwareof Seattle, Washington. In October 2004, it acquired Inevitable Entertainment of Austin, Texas (which becameMidway Austin). In December 2004, it acquired Paradox Development of Moorpark, California. On August 4, 2005, Midway acquired privately held Australian developerRatbag Games.The studio was renamed Midway Studios—Australia. Four months later, on December 13, Midway announced to its employees there that it was shutting the studio down, leaving its employees based at that studio without a job. Two days later, on December 15, the studio was closed and theirAdelaidepremises emptied. During 2004 and 2005, Midway lost $20 million on sales of $162 million, and $112 million on sales of $150 million, respectively.[25]Redstone voted his shares to elect his daughterShari Redstoneto Midway's board of directors and later as the chair of the board.[25]

On February 15, 2005, Midway signed an agreement withCartoon Networkto publish games, based on properties, namely that ofCartoon NetworkandAdult Swim,and had option to expand their own properties.[28]

Midway was ranked as the No. 4 video game publisher by sales in 2000.[4]It was ranked as the No. 19 video game publisher in 2005 and had fallen to No. 20 in 2006, according to the magazineGame Developer.[29]

Late 2000s and bankruptcy filing

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In 2006 and 2007, Midway lost a further $77 million on sales of $166 million and $100 million on sales of $157 million, respectively. It continued to finance its business with debt offerings and other credit arrangements.[25]As of 2007, Midway Games was engaged in a legal battle with Mindshadow Entertainment for thePsi-Opsvideo game rights. Mindshadow alleged that Midway copiedPsi-Ops's story from a screenplay written and owned by their client. On December 2, 2008, JudgeFlorence-Marie Cooperof theUnited States District Courtfor theCentral District of Californiaissued a ruling granting summary judgment on all counts in Midway's favor. Judge Cooper found no evidence of copyright infringement.[30]

On March 6, 2007, Midway reported that it had entered into a new $90 m credit agreement withNational Amusements,a company controlled by Sumner Redstone.[25]Midway's CEO, David Zucker, stated that the introduction ofUnreal Tournament 3,and the company's growing success in mass-market games, were setting it up for a "significant 2008".[31]On March 21, 2008, Zucker resigned as CEO. He was the third executive to resign from the company in three months. Succeeding Zucker as CEO was former Senior Vice President Matt Booty.[32]During the summer of 2008, in an effort to trim costs, Midway closed its Los Angeles and Austin studios.[33]These closures left Midway with four studios, in Chicago, Seattle, San Diego and Newcastle, England. During this time, Midway just releasedTNA Impact!andBlitz: The League IIaround September/October 2008, under theMidway Studios Los Angelesoffice (before its closure) and the San Diego branch (Midway Studios San Diego/Midway Home Entertainment). In November 2008, Midway reported that its cash and other resources "may not be adequate to fund... working capital requirements" and that it "would need to initiate cost cutting measures or seek additional liquidity sources".[34]On November 20, 2008, Midway retained Lazard to assist it "in the evaluation of strategic and financial alternatives".[35]The next day, Midway received a NYSE delisting notice, after its stock's price fell below one dollar.[36]Midway's last title,Mortal Kombat vs. DC Universe,released around this time, in November 2008.

On December 2, 2008, Sumner Redstone sold his 87 percent stake in Midway Games to Mark Thomas, a private investor, through his company MT Acquisition Holdings LLC.[33]Thomas's company paid approximately $100,000, or $0.0012 per share. Thomas also received $70 million of Midway's debt that was owed to Redstone.[6][37]National Amusements took a significant loss on the sale, although the loss allowed it to benefit from tax losses.[38]In December 2008, Midway disclosed that it might default on $240 million of debt after the sale of stock to Thomas triggered clauses in two bond issues totalling $150 million of debt that allowed the bondholders to demand full repayment.[39]

In 2008, Midway lost $191 million on sales of $220 million, and Redstone's sale of his shares to Thomas eliminated Midway's ability to take advantage of accumulated net operating losses and other tax assets potentially worth more than $700 million.[9][33]On February 12, 2009, Midway and its U.S. subsidiaries filed for bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code. The company began to operate as aDebtor in possession.[33]A company spokesperson said, "We felt this was a logical next step for our organization, considering the change in control triggered the acceleration of the repayment options... we're looking to reorganize and to come out on the other side stronger."[37]

2009 sales of assets

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Midway announced on May 21, 2009, that it had received a takeover bid from Warner Bros. Interactive Entertainment (nowWarner Bros. Games), valued at more than $33 million, to acquire most of the company's assets, including Midway'sChicagoandSeattlestudios and rights to theMortal KombatandWheelmanseries. The offer did not include theSan DiegoandNewcastlestudios or theTNAvideo game series.[40][41]Midway had previously worked with Warner Bros. on several games includingMortal Kombat vs. DC Universe.Midway announced on May 28, 2009, that it would "accept binding offers up to June 24, 2009, to acquire some or all of the Company's assets." An auction was to be held on June 29, followed by a court hearing to approve the sale to the winning bidder or bidders. However, no other bids were placed for Midway's assets, and so the auction was canceled.[42]On July 1, 2009, the bankruptcy court approved the sale of most of the company's assets to Warner Bros.[43]subject to the intellectual property claims of a third party,Threshold Entertainment,which produced twoMortal Kombatfilms and some otherMortal Kombatentertainment properties.[44]

On July 8, 2009, Midway disclosed that it intended to close the San Diego studio by September. However, on August 19, 2009,THQpurchased the San Diego studio for $740,000 and extinguished Midway obligations to it.[45][46]On July 10, 2009, pursuant to the terms of the Settlement Agreement that was approved by the bankruptcy court, Midway agreed to pay to affiliates of its majority owner, Mark Thomas, approximately $4.7 million in full satisfaction of all Midway debt to Thomas and his affiliates, and Thomas and his affiliates granted to Midway's Creditors' Committee an irrevocable proxy to vote his controlled shares of common stock in Midway and forever relinquished the right to vote or dispose of the shares.[47]The settlement reduced Thomas's claims by 93 percent,[9]and Midway continued to operate as a Debtor in Possession.[8]Also on July 10, 2009, the sale of assets to Warner Bros. was completed. The total gross purchase price for the sale was approximately $49 million, including receivables, and Warner Bros. assumed liabilities. The sale also triggered payments under Midway's Key Employee Incentive Plan of approximately $2.4 million to company executives.[8]The Midway Chicago studio, responsible for theMortal Kombatseries and other games, became part of Warner Bros. and was later rebrandedNetherRealm Studios.[48]

On July 14, 2009, Midway announced that it had closed the Newcastle studio and terminated 75 employees.[49]On August 19, 2009, Midway sold its French and German subsidiaries to holding companies called Spiess Media Holding UG and F+F Publishing GmbH, respectively. Spiess also purchased Midway's London publishing subsidiary on the same day. The European sales resulted in cash proceeds of $1.7 million and the elimination of related intercompany claims.[45]In September 2009, Midway shut down its Chicago headquarters and terminated all but a few of its remaining employees. Many of the former Midway employees at the Chicago studio acquired by Warner Bros. were retained by Warner Bros.[8][10][50]On October 2, 2009, Midway and two of its subsidiaries, Midway Home Entertainment and Midway Studios Los-Angeles, sold intellectual property assets, including Midway'sTNAvideo game licenses, toSouthPeak Gamesfor $100,000 and the assumption of related liabilities;[51]Midway was no longer selling games and had been disposed of all fixed assets at that time.[52]

Lawsuits and liquidation

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In October 2009, theU.S. District Courtin Chicago dismissed a lawsuit against former officers of Midway alleging that they had misled shareholders while selling their own stock. The judge ruled that Midway's shareholders had not shown that the executives "said or did anything more than publicly adopt a hopeful posture that its strategic plans would pay off".[10][53]On January 29, 2010, the bankruptcy court dismissed claims brought by Midway creditors for fraud and breach of duty against Sumner Redstone, Shari Redstone and Midway's other directors, concerning his 2008 loans to the company and his subsequent sale of his 87% stake in the company to Mark Thomas, which increased Midway's net debt and wiped out the company's net operating losses and other tax assets. Judge Kevin Gross wrote that his decision was "not an endorsement of any of the defendants' actions.... The defendants oversaw the ruin of a once highly successful company, only to hide behind the protective skirt of Delaware law, which the court is bound to apply." The court permitted other creditor claims to continue.[9]

In February 2010, Midway filed its proposed plan of liquidation with the bankruptcy court. Under the plan, intercompany claims would be extinguished and a partial recovery would be allowed to the unsecured creditors of Midway Games (who held $155 million of claims) to the extent of about 16.5%, and to the unsecured creditors of Midway's subsidiaries (who held $36.7 million of claims) of about 25%. Any settlement amount under the lawsuit against National Amusements was to be paid to the two groups of unsecured creditors in the same ratio. Holders of secured and priority claims were to be paid in full, National Amusements would not receive any payment under its Subordinated Loan Agreement, and the equity holders would not receive any payment.[54]On May 21, 2010, the bankruptcy court approved the plan of liquidation. Unsecured creditors of Midway shared approximately $25.5 million, and unsecured creditors of the company's subsidiaries shared about $9.2 million.[11]A liquidating trust, administered by Buchwald Capital Advisors LLC as the Trustee, was created to pursue any remaining rights of Midway's bankruptcy estate and distribute any proceeds to Midway's remaining creditors.[55]

On June 9, 2010, the company filed a Form 15 with the Securities and Exchange Commission, terminating the public registration of its securities.[12]The creditors' settlement of their lawsuit against National Amusements, in the total amount of $1 million, was approved by the bankruptcy court on June 21, 2010, ending the outstanding claims against the Redstone family.[56]Since December 2010, the trustee for the liquidating trust of the company, Buchwald Capital Advisors LLC, has filed 57 avoidance actions seeking to recover a total of $2,936,736 in transfers made by Midway to creditors prior to its bankruptcy filing.[57][58]In March 2011, the court dismissed the adversary proceeding by Threshold Entertainment.[44]All of Midway's remaining unsold assets, as well as the subsidiaries of the company itself, were completely dissolved shortly thereafter but the entity remains in existence as of 2024 as ashell companyincorporated in Delaware.[59]The Midway Games trademark and logo is currently owned byWarner Bros.upon the sale of Midway's assets in 2009.

Subsidiaries and studios

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Publishing and distribution

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North America

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  • Midway Amusement Games, LLC, inChicago, Illinois.The original arcade division of the company, founded as Midway Manufacturing Company. Its parts and service assets were acquired byHapp Controlson October 1, 2001,[60]and the company exited the arcade games business, after which the subsidiary continued to exist to maintain its intellectual properties, specifically the libraries of Midway, Bally, and Williams. Former employees includingEugene Jarviswould later formRaw Thrillsthat same year.
  • Midway Home Entertainment inSan Diego, California.Founded in 1985 as Tradewest, inCorsicana, Texas,it acquired San Diego–basedCinematronicsin 1987, then renamed it as a subsidiary, the Leland Corporation. Tradewest was then acquired by WMS Industries in 1994 to enter thehome consolemarket; previously home adaptations of Midway games were published under license byAcclaim Entertainmentor others. It was renamed Williams Entertainment, Inc., which in turn became Midway Home Entertainment in 1996. The Texas and San Diego offices were consolidated in 2001. Midway Home Entertainment published and marketed all Midway video games made for home consoles.

Europe

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  • Midway Games Ltd. based in London, United Kingdom, published and distributed Midway's video games in the UK and other markets in Europe. On August 19, 2009, Midway Games Ltd. was sold to a company owned by Martin Spiess (who was previously an executive officer of Midway) and, together with Midway Games SAS, it was formed into a holding company called Spiess Media Holding UG.[45][61]It was combined with the Paris office and re-brandedTradewest Games.[62]
  • Midway Games SAS in Paris published and distributed Midway video games in France. On August 19, 2009, Midway Games SAS was sold off to Spiess, along with Midway Games Ltd., and they were formed into Spiess Media Holding UG.[45][61]It was combined with the London office and re-branded Tradewest Games.[62]
  • Midway Germany GmbH inMunichpublished and distributed Midway video games in Germany. The subsidiary was formed in February 2005 by Midway Games Ltd. In August 2009, Midway Germany GmbH was sold to former manager Uwe Fürstenberg's company F+F Publishing GmbH.[45][61]

Studios

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Sold

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Defunct

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  • Midway Studios Austin,founded as Inevitable Entertainment, Inc. on March 23, 2000, was acquired in 2004 and closed in December 2008.
  • Midway Studios AustraliainAdelaide, South Australia,was founded as Ratbag Games in 1993. It was acquired by Midway on August 4, 2005, and was closed four months later in December 2005.
  • Midway Studios Los AngelesinMoorpark, California,founded in 1994 as Paradox Development, was acquired by Midway in 2004. It was closed in 2008 and merged with the San Diego studio.
  • Midway Studios NewcastleinNewcastle upon Tyne,England, was founded in December 1996 as Pitbull Syndicate and acquired by Midway in October 2005. It was closed on July 14, 2009, following Midway's sale of assets to Warner Bros., because Midway failed to find a buyer for the studio. In 2009, some former employees of the studio formed a new company called Atomhawk Design.[67]In 2010, game designer Robert Troughton, a founder of Pitbull Syndicate, formed another new company, Pitbull Studio, in Newcastle.[68]

List of games developed or licensed

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Video games

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Main article:List of video games by Midway Games

Pinball

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All games were released under the Bally brand, except as noted.

References

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  1. ^ab"Form Midway Mfg. Company".The Cash Box.Vol. 20, no. 9. The Cash Box Publishing. November 15, 1958. p. 16.
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  20. ^Over the years, Midway'sarcade system boardsincluded the following:Astrocade;MCR, MCR II, MCR III and MCR-68;T Unit(1993) andX Unit(1991–1994); Y Unit (1991–1992); V Unit (1994–1997); Wolf Unit (1995–1997); Zeus (1997–1999) and Zeus II (1999–2001); Seattle; Vegas; Quicksilver II; and Williams Z Unit (used only with NARC).
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  28. ^pm, Jeremy DunhamUpdated: 17 Jun 2012 6:13 pmPosted: 15 Feb 2005 4:21 (February 15, 2005),Midway's Adult Swim - IGN,retrievedNovember 29,2021{{citation}}:CS1 maint: numeric names: authors list (link)
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  33. ^abcdMidway Games Form 10-K for the year ended December 31, 2008,filed with the SEC on April 6, 2009
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