The global recession is affecting most of us and it is a shame to say that even developers in the growing gaming industry can suffer too.

Today it was announced that Midway Newcastle Studios has been put into administration after boss Craig Duncan failed to find a buyer following the aquisition of the majority of Midway by Warner Bros.

Midway Newscastle were working on a new IP called Necessary Force but, because of what has happened, it is likely it will be put out to tender for another company to grab and take advantage of.

The developer’s most recent game was Vin Diesel’s Wheelman although this asset is now owned by Warner.

We feel sorry for the highly skilled 70 or so staff who have now lost their jobs at a time where companies are less interested in hiring new people than normal. We wish them all the luck in finding work as soon as possible.

Meanwhile, Midway San Diego are still looking for buyers so if any of you guys have the cash and fancy investing in the game industry beyond your consoles and games, it’s waiting for you!

Source: Gamasutra