Midway’s been in deep water for some time now but finally Warner Bros. has picked them up and acquired all of their assets. But one question remains, what will the studio be called?

It was previously thought that Midway would just cease to exist and now operate under the Warner Bros. brand. However, Midway exec Geoff Mogilner was quoted to have said the following:

The name and the mark are owned by Warner Bros. and it is up to them to figure out the branding strategy.

Well Warner Bros., as long as you come out with a new Mortal Kombat game, we’ll call it even.

Read (Joystiq)

Recent reports are saying that sales were 24% lower in the first half of 2009 than they were in 2008. While this somewaht makes sense due to the fact thatlast year had games such as Super Smash Bros. Brawl and Monster Hunter Portable it’s proof that an economical recessions hurts all industries.

Luckily, buzz suggests that games such as Dragon Quest IX, Monster Hunter 3 and Fintal Fantasy XII (all shipping later this year0 will bring the Japanese gaming market back to its glory days.

Read (Joystiq)

Not too long ago buzz began circulating the internet that suggested Midway’s San Deigo studios were in the final stages of being purchased by Warner Bros. Unfortunately for them, they have recently released a statement that Warner Bros. will not be picking them up.

And, to make things worse, they said that they have just 60 days to find a buyer before going completely out of business. Common you foreign investors, Midway needs your money help!

Read (Joystiq)

Crysis was known for its great graphics capable of melting pretty much any rig you threw at it but Crytek failing to release the game on consoles evidentally wasn’t a very smart move as they were missing out on a huge chunk of change.

Well, it looks like the company has woken up as Crytek president and CEO Cevat Yerli was quoted to say the following:

“It’s a question of more than economics. At the end of the day we’re paying salaries and we all have to live, but that’s one side of this job. But most importantly and a bit more tangible to us are the families, the nephews, and sons who ask, ‘Why aren’t you going to consoles?’”

So not only did they need to do it for the money, but they were doing it to make those poor Crysis deprived children happy. You get em’ Crytek!

Read (Kotaku)

We haven’t heard much out of Stockholm based Avalanche Studios since Just Cause 2’s announcement but today brings some unfortunate news — The Swiss developement studio has announced that they have been forced to lay off 20 employees due to current economic conditions.

However, Avalanche CEO Christofer Sundberg assures us that these layoffs will not affect the studio’s projects with Just Cause 2 set to be showcased at next month’s E3. Oh yeah, it’s going to be big.

Read (GI.biz)

While their competitors in the gaming console market are slashing prices to obviously entice sales and make their game consoles affordable in the market, Nintendo is taking its sweet time following their lead. Priced at $250, it has already made an achievement as far as the number of game consoles sold.

And with recession obviously forcing the hand to somewhat put game consoles out of their circle of needs, Nintendo may be still studying the market before making any hasty decisions on price slashes.

“Price drops are just not needed by Nintendo at this time,” said Van Baker, a Gartner analyst. “The console occupies a unique position in the market as a fun game console that is for the whole family.”

Nintendo may not have to cut prices just yet, but consumers may wonder about price reductions since Nintendo rivals have already made the cut. Microsoft slashed its Xbox 360 price, and last month Sony cut the price of its PlayStation 2 after 10 years of the device’s availability.

“Microsoft and Sony cannot position their consoles in the same way [as the Wii] because it would alienate their core gamer customer,” said Gartner’s Baker. “There is little price pressure from either competitor.”

The only exception is the PlayStation 2, which will put some pressure on the Wii, noted Baker, adding that the pressure will be minimal because the device is seen as the last generation’s console.

Since the launch of Microsoft’s Xbox 360, 28 million units have been sold worldwide. The console’s figures put it ahead of Sony’s PlayStation 3, which has sold approximately 20 million units since its launch in 2006.

(Source) NewsFactor

It seems that a large group of people have become financially unstable to the point where they have had to sacrifice their beloved game consoles.

No they didn’t take them out back and smashed them, they pawned them at their local pawn shop:

“We’re seeing a lot of expensive video game systems, PlayStation 3s and X-Box and others, and a lot of LCDs (flat-screen televisions),” Ace Pawn Shop manager Chris Banul told the Associated Press.

Kotaku reports that the pawnshop empire Cash America has acquired over $1 billion in profits last year for the first time since the companies creation, 25 years ago.

All I know is my Wii would definitly go before my 360.

It’s all over the news; the economy sucks, WE KNOW, but not for Activision Blizzard. The company responsible for franchises like Call of Duty, World of Warcraft, and Guitar Hero, have recently gotten some numbers and, if you’re the jealous type, look away now.

In 2008 alone, Activision Blizzard raked in $5 billion, with $429 million of that during the holidays making it a record year for the company.

And, with Call of Duty: Modern Warfare 2, god knows how many Guitar Hero titles, and possibly Starcraft 2 just over the horizon, 2009 is shaping up to be an even bigger year for the mega publisher.

Read (Kotaku)

The five best-selling games during the period were reported to be Call of Duty: World at War, Guitar Hero: World Tour, Gears of War 2, World of Warcraft: Wrath of the Lich King and Wii Fit.

Thankfully, new video games made up 43.8% of those sales, with used game products taking up 19% of the sales; new game hardware accounted for 23.8%.

Chances are if you’re into PC gaming, you’ve heard of Razer, makes of high end gaming peripherals. Well, it looks like the gaming hardware industry isn’t exactly recession proof as it was recently announced they are being forced to cut 10% of their global work force.

This news comes in an email stating the company was forced to re-asses its cost structure and that an undisclosed number of employees have already had their contracts terminated.

Bummer.

Read (IncGamers)