Warner Bros. bids on Midway for some reason

When we read about Midway's recent troubles, we're glad we don't own any piece of the company. However, Warner Bros. executives see the same stories and think "we need that." Midway announced today that a "stalking horse" asset purchase agreement with Warner Bros. has commenced, with Warner bidding $33 million for the majority of Midway's assets, including studios in Chicago and Seattle, as well as the Mortal Kombat franchise.

According to Midway's press release, the agreement does not include rights to TNA wrestling games, nor Midway's San Diego and Newcastle studios.

This isn't a sure thing yet: before the Warner agreement goes through, other "qualified buyers" will be allowed to put in bids in a "court-supervised auction process."

This article was originally published on Joystiq.