Deep in debt and low on cash, it's no secret Midway is looking for a lifeline even if it means selling off assets to reduce its losses.  Earlier last month the publisher finalized its incentive plan for "key employees", where such staff would be rewarded bonuses on the condition that the target $30 million USD purchase price for the company itself could be reached.  The company remained open to the option of selling off assets individually.  As April drew to a close, it was suggested that Time Warner is biting at least one hook cast by Midway.  Now it appears this is precisely the case, as Warner Bros. Entertainment has put forth a $33 million USD bid for at least one of Midway's assets: Mortal Kombat.

In addition to the IP, Warner is interested in acquiring Midway's Chicago and Seattle-based development studios.  Warner's bid does not currently include plans to purchases the studios based in San Diego and Newcastle, UK, so there is no proposal to outright purchase the whole company for the time being.  Midway's TNA wrestling franchise also appears exempt from Warner's shopping list.  The agreement has not yet been approved by bankruptcy court, and its announcement won't prevent any other potential suitors from making their own bid for Midway or its franchises.  Midway is certainly keen on securing the best possible price it can get at this point.