Sumner Redstone Sells Controlling Interest in Midway Games for $100K
By Stephany on Tuesday, December 2nd, 2008 at 11:38 AM PST In Game Related Laws, Gamer Life, Games Industry, Midway
Wow. Talk about a loss.. I hope he can write it off (tax benefits I am sure) because Sumner Redstone has sold his majority stake in Midway Games for $100,000. You may recall just a while back on November 21 the New York Stock Exchange threatened to delist Midway Games if their stock did not rise from under $1.00 per share within six months. As of last Friday, stock in the company was going for 38 cents a share.
According to the Wall Street Journal, Redstone’s controlling interest was sold to Mark Thomas for $0.0012 per share and he is now the new owner of the $70 million in debt the company has incurred along with the rumors, lay-offs and trying to get the company back on track.
Shacknews stated that at one time analyst Michael Pachter estimated that Redstone spent between $500 and $700 million on Midway stock since 1983. Yikes.
At least now he has one less problem to worry about. We wish him and Midway all the best.
