One interesting Midway asset that seemed to have potential going forward was the TNA Wrestling franchise video game rights as assets which no one seemed quick to buy. While the TNA Wrestling first effort from Midway wasn’t a home run, it actually showed a lot of potential in the first release by the company in what was supposed to be a new franchise that the company was to build upon.

News has reached us that the TNA Wrestling video game franchise now has a new home, with publisher SouthPeak purchasing the rights to develop the TNA Wrestling video game franchise going forward. According to our sources, South Peak purchased “certain assets” from the Midway bankruptcy sale and parts of this were the TNA Wrestling video game rights. It unclear how much, if any, the company was able to acquire of the in-development sequel that Midway has in the works for the Xbox 360, PlayStation 3, PlayStation 2 and Nintendo Wii platforms.

What our sources have been able to tell us is that the first South Peak TNA Wrestling release will be a new title called TNA Impact: Cross the Line, which will arrive for the Sony PSP and Nintendo DS platforms. While an actual release date will be announced soon, it will arrive next year. Additional announcements about the future of the TNA Wrestling titles for the Xbox 360, PlayStation 3, PlayStation 2 and Nintendo Wii platforms will be announced at a later date.

TNA Wrestling, which is also known as Total Non-Stop Action, is a young upstart wrestling or sports entertainment company that (while not having the distribution or size of the WWE) continues to grow at a steady pace with an impressive roster of both young stars as well as established talent. Some analysts believe that the TNA Wrestling video game license could be a diamond in the rough and a very good investment in a franchise that has a lot of potential in the hands of the right developer and publisher. Only time will tell what SouthPeak can do with this purchase.