Time Warner Bids on Mortal Kombat Maker

The Wall Street Journal reported Thursday that Time Warner Inc. representatives have said it wants to buy most of the Chicago-based developer's assets, which includes the Mortal Kombat franchise, for $33 million.

The assets include development studios in Chicago and Seattle, but exclude its series based on Total Nonstop Action wrestling and development studios in San Diego and the U.K., reported paidContent.

According to the Chicago Sun-Times, a bankruptcy court-supervised auction will allow other bidders to make offers for 30 days on the assets.

Warner has already made three major gaming acquisitions in Monolith Productions in 2006, TT Games in 2007 and Snowblind Studios in February, in addition to approximately a 30 percent stake in the "Tomb Raider" publisher Eidos. According to paidContent, these studios make up Warner Bros. Interactive Entertainment, which distributes games related to its franchises like "The Matrix" and "Looney Tunes," among others.

Midway filed for bankruptcy in February this year, with its assets listing for $167.5 million and $281 million in debts, reported the Sun-Times.