Time Warner To Purchase Midway?, RAW Quarter Ratings


Here is the quarter hour breakdown for the May 18th edition of WWE Monday Night Raw. The show did a 3.6 cable rating, with hours of 3.51 and 3.66.

* 9:00 - 3.68 (Orton in ring Promo with Flair)
* 9:15 - 3.44 (Cena Interview, Diva Battle Royal)
* 9:30 - 3.53 (Santino vs. Chavo, Miz and Maryse Backstage, Matt Hardy Interview)
* 9:45- 3.37 (Vickie and Chavo Talk, Colons vs. Kendrick and Goldust, Miz Walks)
* 10:00- 3.76 (Miz Mocks Cena, JR Joins Show)
* 10:15- 3.52 (MVP vs. Matt Hardy, Flair and Batista Talk, Chavo Teaches Vickie a Frog Splash)
* 10:30- 3.48 (Santina vs. Vickie, Talk About Next Week, Legacy Comes to Ring)
* 10:45- 3.69 (Cena and Batista vs. Orton and Legacy)
* Overrun - 4.12 (Cena and Batista vs. Orton and Legacy, Flair and Show get Involved)

Today, Time-Warner put in an official bid of $33 Million in an effort to acquire all of the American assets of Midway Games, Inc.. The agreement does not include the Company's development studio in San Diego and the TNA franchise games, nor does it include the Company's development studio in Newcastle which had developed the Company's recently released Wheelman game. Here is the full press release:

Warner Bros. Entertainment Emerges as "Stalking Horse" Bidder CHICAGO--(BUSINESS WIRE)--Midway Games Inc. today announced that it has entered into a "stalking horse" asset purchase agreement with Warner Bros. Entertainment Inc., a subsidiary of Time Warner, Inc. (NYSE:TWX), and filed a sale and bid procedures motion with the Bankruptcy Court to conduct the sale of the Company's assets pursuant to Section 363 of the United States Bankruptcy Code. The bid procedures will provide for notice to be given to third parties of the pending sale to Warner Bros. Entertainment and offer the opportunity for interested parties to bid on the Company's assets. Under the agreement, Warner Bros. Entertainment would acquire substantially all of the Company's U.S. assets including its Mortal Kombat franchise and its development studios in Chicago and Seattle for a purchase price of $33,000,000, subject to adjustment as of the closing for changes in inventory, plus the agreed value of the Company's U.S. account receivables. The agreement does not include the Company's development studio in San Diego and the TNA franchise games, nor does it include the Company's development studio in Newcastle which had developed the Company's recently released Wheelman game. Prior to court approval of the Warner agreement, there will be a court-supervised auction process to facilitate competitive bidding by other qualified buyers. This process is intended to achieve the highest value possible for the Company's stakeholders. The bidding procedures, if approved, would require interested parties to submit binding offers to acquire some or all of the Company's assets within approximately 30 days of court approval of the bid procedures. Assuming qualified bids are submitted, an auction would be held a few days prior to the sale hearing. A court hearing approving the sale to the winning bidder or bidders would be held soon after the conclusion of the auction, followed by a final closing. Once the bid procedures have been approved by the Bankruptcy Court, the Company will announce the initiation of the formal bidding process, and at such time interested parties will be asked to contact the Company's financial advisor, Lazard, for more information on the bidding process. About Midway Midway Games Inc. (OTC Pink Sheets:MWYGQ), headquartered in Chicago, Illinois, with offices throughout the world, is a leading developer and publisher of interactive entertainment software for major videogame systems and personal computers. More information about Midway and its products can be found at www.midway.com.

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