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Midway Games
Midway Games
Posted by Schu11ers on Dec 1st 2008 16:13
In shock news today Sumner Redstone has sold his controlling stake in Midway Games for USD 100,000 (EUR 79,241 / GBP 66, 718), or USD 0.0012 per share, reported the Wall Street Journal.
This shock news follows a report on Friday, that Midway Games was worth around USD 30 million, according to this MediaMemo report.
Redstone's 87 per cent stake in the company has been bought by private investor Mark Thomas, who will assume USD 70 million of secured and unsecured debt.
National Amusements is said to have around 1.6 billion in debt outstanding, and according to the report, Redstone has invested over USD 500 million in Midway Games.
Midway has struggled through a tough year, with staff lay-offs and unannounced projects cancelled.
Last month it revealed in Games Industry that losses had doubled to USD 76 million for the three months to September, from USD 33.5 million to USD 75.9 million.
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Schu11ers said: (Dec 01 2008 at 17:28:13 GMT)
I forgot to add, $100k is 1,677 UT2k7 games. Seems like the games industry isn't that recession proof after all.
IzzlE.1637034 said: (Dec 02 2008 at 02:50:21 GMT)
Hopefully no more Mortal Kombat then!
Waylander said: (Dec 02 2008 at 09:27:42 GMT)
Here here! That horse has been flogged, killed, brought back to life and flogged again just let it go!
SmellyMoss said: (Dec 03 2008 at 11:36:41 GMT)
Midway was delisted from NYSE this past weekend as well.
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