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$30m to buy Midway

Ben Parfitt
$30m to buy Midway

As finances continue to worsen for troubled publisher Midway the owners and debtors of the firm have agreed that $30m is the new target sale price.

A key employee incentive plan, as reported by Variety, states that 28 key Midway members will receive a number of financial rewards if this target price is met.

Specifically, the 28 will share $600,000 when a purchase is agreed, with a further select number of staff eligible to receive $75,000 each for every extra $1m above the $30m should the sale price be higher.

Midway is also happy to consider splitting up the business and its IP, meaning a purchase for Mortal Kombat could happen independently of the overall sale of the publisher.

The target price represents a severe depreciation of the value of the publisher, which last year had a trading value of around $350m.

The filing also reveals that $30m is the highest bid received for the publisher to date. And, as Variety points out, it’s also the same amount as owner Mark Thomas’ secured loan, a debt that would have to be paid back before money started going to any creditors.

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Tags: sale , midway , mark , thomas , creditors , debtors

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