Midway Games lays off nearly half of its staff while investor makes a 4,900% return

Midway Games has cut 46% of its 520 employees in the last few days, including about 100 developers in its San Diego office who have been working on a wrestling game under a license with TNA.

Some of the layoffs were detailed in a document filed yesterday with the Securities and Exchange Commission. In addition to the San Diego crew, the layoffs include 60 executive and administrative staff members in the company's Chicago headquarters and 75 developers in a U.K. studio. About 210 Midway developers got to keep their jobs as Warner Bros. employees.