Chicago - Video game publisher Midway Games (NYSE: MWY) on Tuesday announced a cost-cutting plan that includes laying off 25% of its staff, suspending development on several titles, and the closure of its Austin studio. "The cost-reduction measures are vital for us to rationalize our operations and provide the resources necessary for our core properties to succeed," said Matt Booty, president and CEO of Midway. "These initiatives, along with the other steps we have taken this year, are a response to the specific challenges we are facing at Midway, many of which have been amplified by the current economic conditions."

New York - Sumner Redstone, whose National Amusements holding company controls Viacom (NYSE: VIA), CBS, Paramount Pictures and other media assets, is expected to announce on Monday that he will sell its 87% majority stake in Midway Games (NYSE: MWY) to investor Mark Thomas, The Wall Street Journal reported. National Amusements will receive just $100,000 in cash for the struggling game publisher, while Thomas will also assume $70 million in secured and unsecured debt.

Chicago - Video game publisher Midway Games (NYSE: MWY) said on Friday that last week it received notice from the New York Stock Exchange (NYSE) that its shares are in danger of being delisted from the exchange, for failing to maintain a minimum average closing price of $1 for 30 consecutive days.

Chicago - Video game publisher Midway Games (NYSE: MWY) announced on Monday that Shari Redstone, daughter of Viacom head Sumner Redstone, has resigned as chairman of the company. Redstone had been chairman of the company since last December. She will be succeeded by Peter C. Brown, who has served on Midway's board since 2005 and also serves as chairman, president and CEO of Viacom's AMC Entertainment.

Chicago - Video game publisher Midway Games (NYSE: MWY) announced this week that it has named Matthew V. Booty as president and CEO of the company. Former chief executive David Zucker announced he was leaving the company in March; since then, Booty has served as interim CEO. Sumner Redstone, chairman and CEO of Midway parent National Amusements, said at the time that "Our new leader must have the proven capabilities and track record to lead Midway and to reclaim its place in the forefront of the fast growing videogame industry."

Chicago - Struggling video game publisher Midway Games (NYSE: MWY), which posted a $70 million loss for the first half of 2008, announced on Thursday that it has agreed with licensing partners to cancel future versions of some game properties and associated development costs.

Chicago - Video game publisher Midway Games (NYSE: MWY) announced on Friday that it has secured a factoring agreement with parent company National Amusements that will provide the company with up to $40 million to offset the cost of manufacturing its fall 2008 games lineup.

Chicago - Video game publisher Midway Games (NYSE: MWY) announced on Tuesday that it has cancelled an as-yet-unannounced project in production at its Austin studio, and as a result will lay off 90 of the 130-person development team there. The studio will remain open, and operate both Midway's central outsourcing group and two teams working on unnamed prototype projects.

Chicago - Video game publisher Midway Games announced on Tuesday that it will combine its Southern California development studios, merging the operations of its Moorpark (Los Angeles) facility into its San Diego facility. The company said the majority of the Moorpark employees, including the team developing "TNA Impact," are being offered the opportunity to transfer to San Diego.

Chicago - Midway Games (NASD: MWY) on Monday announced plans to publish "Mortal Kombat vs. DC Universe," licensed through Warner Bros. Interactive Entertainment, for the PlayStation 3 and Xbox 360 in the fall. The game will pit Mortal Kombat characters like Sub-Zero and Scorpion against Batman, Superman and other DC characters. Separately, Midway said it will publish developer Epic Games' "Unreal Tournament 3" for Xbox 360 this summer. The game has already shipped more than one million units worldwide for the PlayStation 3 and PC.

Chicago - Video game developer and publisher Midway Games (NASD: MWY) announced on Thursday that chief executive David Zucker is leaving the company, and will be replaced by interim CEO and president Matthew V. Booty until a replacement can be found. Midway veteran Booty was most recently SVP of worldwide studios. "Dynamic new leadership is needed to bring Midway to its full potential," said Midway chair Shari Redstone. "Our new leader must have the proven capabilities and track record to lead Midway and to reclaim its place in the forefront of the fast growing videogame industry," added Sumner Redstone, chairman and CEO of Midway parent National Amusements.

Chicago - Midway Games (NYSE: MWY) and Epic Games on Monday announced the release of "Unreal Tournament 3" for the PC. Epic said it will also soon ship a version of the game for the PlayStation 3.