After losing its shirt, pants and nearly its underpants for years (financially speaking of course) Midway's is now selling off at least part of their company. Today the company announced that Warner Bros. Entertainment has entered a "asset purchase agreement" with Midway to the tune of $33 million.

That price will nab Warner Bros. quite a few of Midway's US assets. That includes the company's Chicago and Seattle based development studios and the Mortal Kombat fighting game franchise. However it does not include Midway's San Diego studio nor its UK based studio (where the recently released Wheelman game was made). The price is basically a "starting bid" for Warner Bros. Other companies now have 30 days to offer up any competing bids.