Midway Studios Newcastle has until the end of June to find a buyer for the company before it is closed permanently.
Develop understands that Midway Newcastle, which recently saw the release of its previous project Wheelman, remains hard at work on its next project while upper management is seeking a buyer who can secure the studio’s future.
Newcastle’s owning company, the US-based publisher Midway, has in recent years fallen away from being a profitable company. In February the publisher filed for chapter 11 bankruptcy.
Fortunes for the people involved had taken a turn, however, back in May when Warner Bros launched a $33 million bid for the publisher. It was soon discovered, however, that Newcastle was not part of Warner Bros’ acquisition package deal.
Midway subsequently announced that it would auction off its remaining assets and studios, which includes Newcastle as well as its San Diego arm.