Gamertell

Midway is plunging into a deep financial abyss, with its annual balance sheets being painted in red for the past eight years, last reporting an annual profit in 1999.

The company is hoping to use a bit less red in 2008 by focusing more on big name and movie-based games.

The man who owns 90% stake in the company, Viacom Chairman Summer Redstone, is upbeat about the publisher’s prospect. His daughter, Shari Redstone, who was recently named chairwoman of Midway, said in a company statement last week that they planned to release an impressive slate of games and she would work more closely with the management.

The game publisher has been plagued by delays in many of its games which forced it to lower its financial forecast for the third-quarter and the current fiscal. CEO David Zucker told Chicago Tribune that Midway’s new strategy of “fewer, bigger and better” titles in 2008, focusing on movie-based or other licensed games, using Stranglehold (which was based on John Woo’s 1992 movie, Hard Boiled) as an example.

Midway also has the new driving game, titled Wheelman, lined up for release in 2008. The movie rights of the game have already been grabbed by Paramount Pictures and MTV films and will star Vin Diesel. David Zucker also promised more movie-oriented titles next year. Midway will also target the Wii and DS owners with a barrage of casual games.

Read [Chicago Tribune] via [Shacknews]