Square Enix To Buy Eidos, Midway Files For Bankruptcy

arcticstoat writes to tell us that Square Enix has been revealed as the potential buyer to Eidos, developer of the Tomb Raider franchise. Eidos had been shedding workers and studios in an attempt for financial stability. This comes alongside news that Midway Games is filing for Chapter 11 bankruptcy in order to stave off creditors while they sort out what's left of their resources. World of Goo publisher Brighter Minds Media also filed for bankruptcy last month. Free Radical, a UK studio recently put in a similar position was snapped up by Crytek, and we discussed news of Sega's financial turmoil as well. It seems that claims from late last year suggesting the games industry may be "recession proof" are quickly being proven wrong, though Kotaku suggests that most of the blame falls on the developers.

Re:Abandonware

[elrous0]

Technically, the intellectual property of a company that goes bust is considered an asset and is usually sold off as part of their liquidation. So, even if Midway ultimately goes completely bust, it's likely someone else will just snap up the rights to all their best games and franchises. Considering the way things have been going lately, it will probably be EA. They seem to own just about everything else these days.

Re:Chrono Trigger??

[dctoastman]

And by "a lot of people", you mean you.

Chrono Cross is an excellent game in its own right and was received really well when it came out.