Multichannel News is reported that Midway Games completed its sale to Time Warner Inc. as ofJuly 10th for $49 million. Midway’s corporate employees have been given 60 days notice that their Chicago offices will be closed which is estimated at about 45% of the global workforce of Midway.
In an update following the story, the Los Angeles Times is reporting that about 100 developers in its San Diego office, who have been working on a the second TNA iMPACT! video game have been laid off. The layoffs were a part of about a 46% cut of the staff, which is about 520 employees. Midway is currently seeking a buyer for the California studio, and if one is not found, the studio will be shut down completely. There is still no mention what will happen to the TNA Video Game License if that happens.