It is a sad time for videogame companies. We have seen so many legendary companies get gobbled up by other companies (BioWare and Mythic, Zenimax's buyout of id Software), and that was just last week. This week, we get confirmation that Warner Bros. has legal clearance to purchase Midway Games for $33 million, according to the Chicago Tribune.
It turns out the dispute was mostly over the fates of several properties that were jointly licensed, such as Mortal Kombat (jointly with the movie production company), Wheelman (jointly with Tigon Studios), etc.
There are still two studios up for grabs in San Diego and Newcastle, so if you have a couple million dollars to throw around, maybe you could buy one of the studios and save the employees' jobs, otherwise the studios will both be closed within 60 days.
Good luck Midway. We will miss you.