Midway announced today that it has a received a $33 million acquisition offer from Warner Bros. to purchase the company. The deal, coined as a “stalking horse” purchase agreement, would net Warner total ownership of all in-house Midway U.S. assets, including its highly-lauded Mortal Kombat franchise. Earlier reports pegged Warner as a potential buyer last April. Clearly, interest has escalated since that time.

The agreement does not cover Midway’s San Diego-based studio nor its Newcastle location. Also not included in the purchase package is the TNA wrestling franchise, which Midway presently holds a contract to.

Midway is awaiting on word from bankruptcy court to approve the deal and proceed further.

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Read more: Warner Bros Sets Acquisition Sights On Midway,  Rumor: Mortal Kombat Development Team Leaving Midway,  Harvey Smith Leaves Midway,  Midway Austin Project Canned, Confirms Layoffs,  UT III, Stranglehold Hit 1 Million; Mortal Kombat Announcement Coming Mid-April