Midway spree continues
US publisher Midway continued its voracious swallowing of developers at an alarming pace today, with the confirmation that the firm has amalgamated Paradox Development into its cloisters. The Californian developer is currently working on Mortal Kombat: Shaolin Monks for Midway, which is due out in late 2005 for the PS2 and Xbox.
333,334 shares of Midway common stock were given as part of the deal, with 261,906 of restricted shares going to Paradox employees by way of 'retention incentives'. This is the latest deal in a line of non-cash purchases by Midway, which has seen studios Surreal and Inevitable also joining the fold. Surreal Software created The Suffering for Midway, whilst Inevitable Entertainment are the chaps and chapesses behind Area-51.
Midway President and CEO David F. Zucker contributed: "the Paradox teams' expertise in the fighting genre is an excellent fit with Midway's product strengths and will help us extend the Mortal Kombat franchise into the action-adventure genre and release a highly engaging title in the Mortal Kombat universe annually."
Rumour has it that a Viacom takeover at Midway is looming with the media giant's CEO Sumner Redstone already in possession of 70% of the company, and increasing his hold all the time. The studios purchased would of course be in a very strong position financially, should a takeover go through, and this may be their motivation behind accepting these share deals. More soon.