Variety is reporting that WB just spend $33 million on the rights to the majority of the Midway games catalog in a bankruptcy sale. the multi-million dollar purchase includes the studio rights to “Mortal Kombat,” “Spy Hunter,” “Joust” and several others

Midway filed for bankruptcy protection earlier this year. Sumner Redstone had sold his 87% stake to Mark E. Thomas last year for only $100,000 along with the assumption of $70 million of Midway debt. Warner declined to comment on its plans for Midway. And it opted not to buy two Midway development studios in San Diego and Newcastle, England.

This is just the latest move in a larger trend for WB who has been building their video game profile in recent months. It bought Snowblind Studios in February, “Lego” games producer TT Games in 2007 and Monolith Prods. in 2006. they’ve also got a 30% stake in Eidos (behind the “Tomb Raider” games franchise) and they took over control of the “Lord of the Rings” franchise from Electronic Arts earlier this year.

Sweet! Now we’ll all finally get a chance to see the long awaited big screen epic: Joust!