![]() In 2010, the bankruptcy court dismissed claims against Redstone concerning his sale of the company to Thomas and approved Midway's plan of liquidation. District Court in Chicago dismissed a lawsuit alleging that former officers of Midway misled shareholders while selling their own stock. Games purchased most of Midway's assets, and Midway settled with Mark Thomas to relinquish his Midway stock and debt. In February 2009, Midway Games filed in Delaware for bankruptcy. ![]() In December 2008, Redstone sold all his stock and $70 million of Midway debt to Mark Thomas, a private investor, for $100,000. Sumner Redstone, the head of Viacom and CBS Corporation, increased his stake in Midway from about 15% in 1998 to about 87% by the end of 2007. īy the end of 2000, Midway continued to develop and publish video games for home and handheld video game machines, but it experienced large annual net losses and engaged in a series of stock and debt offerings and other financings and borrowings. Midway was ranked the fourth largest-selling video game publisher in 2000. In 1998, WMS spun off its remaining shares of Midway. In 1994, WMS purchased Tradewest to bring home video game market in-house, with it becoming Midway Home Entertainment in 1996, the same year that Midway made its initial public offering of stock. ![]() In 1988, Midway was purchased and re-incorporated under Delaware General Corporation Law by WMS Industries, Inc. Bally then merged its pinball division into Midway in 1982. The company scored its first mainstream hit with the U.S. In 1973, Midway moved into the interactive entertainment industry, developing and publishing arcade video games. The company was then purchased by Bally Manufacturing in 1969, and used the Bally Midway name in the 1980s. The company was founded as Midway Manufacturing in 1958, as an amusement game manufacturer. Midway also acquired the rights to video games that were originally developed by Williams Electronics and Atari Games, such as Defender, Joust, Robotron: 2084, Gauntlet, and the Rush series. Midway's franchises included Mortal Kombat, Rampage, Spy Hunter, NBA Jam, Cruis'n, and NFL Blitz. Midway Games Inc., known previously as Midway Manufacturing and Bally Midway, and commonly known as simply Midway, was an American video game developer and publisher.
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