It's official. Wheelman developer Midway Newcastle has been shut down following failed efforts to find a buyer before the end of the notification time required by UK law. The announcement was made at the studio by Midway CEO Matt Booty in front of the 80 or so people who had to be let go.

After the recent series of shakedowns happening in Midway, word has been going around that the company may have to shut down its UK based studio Newcastle, subsequently putting development of its upcoming action shooter - The Wheelman (PC, Xbox 360 and PlayStation 3) - on hold. However, interim CEO Matt Booty squashed these unfounded rumors and confirmed that they had no plans of doing so. More details in our full article.

It's always a bit daunting (in a good way) to see the quarterly financial figures of your favorite gaming company, and it's the same here, as Midway Games has just posted its numbers for the first quarter of 2008. Sure, they're still losing quite a bit of money, but they're also making quite the killing when compared to previous quarters. In any case, all the numbers, facts, and figures after the jump. Bring your own calculators.

There's a lot going on in the videogames industry, corporate-wise, and it seems that Midway is also joining the fray - with none other than CEO Matt Booty talking about how the publisher famous for the Mortal Kombat series might possibly be joining Viacom. Interested? Then check out all the details in the full article, and see what it means to you as well as the industry in general.