Midway's biggest stockholder is apparently getting rid of all of his stock for a massive loss. Gamasutra reports (via a Wall Street Journal report) that Sumner Redstone will sell off all of his stock, which amounts to 87 percent of the company, to another investor for just $100,000. That's just $0.0012 a share for stock that was worth $30 million at the close of the stock market on Friday.
This fire sale of Redstone's is to the benefit of an investor named Mark Thomas who will purchase the Midway stock and also assume the rather large company debt of $70 million. This move frees up Redstone to work off the much larger debt, $1.6 billion, for his own National Amusements company. Midway is expected to officially announce the deal later today.
Recent Posts
- Just Cause 2 gets March 23, 2010 release date (11/24/2009)
- Download: Call of Duty: World at War v1.7 Patch and Dedicated Server (11/24/2009)
- Rumor: Multiplayer-oriented Mercenaries game in the works? (11/24/2009)
- Could Australia ban Modern Warfare 2 after all? (11/24/2009)
- Contest: Win a gaming PC mouse, mouse pad and headset from SteelSeries (11/24/2009)




Sad to see this is where Midway is at right now. So many great title from my childhood from them... like Mortal Kombat...
and...
Hydro Thunder...
and...
Mortal... Kombat.Posted at 11:08AM on Dec 1st 2008 by ZaxCG2