Redstone Sells Off Controlling Interest In Midway
by December 1, 2008 @ 12:27 pm
Amid financial woes, entertainment tycoon Sumner Redstone has sold off his controlling stake in Midway Games for a mere $100,000 to private investor Mark Thomas in an effort to unload debt.
With the recent promotion of Matthew Booty and the scrapping of less-profitable IPs, it’ll be interesting to see if Thomas is able to bring Midway back into the green. One thing is for sure, he certainly must have faith in the company, considering he just assumed responsibility of $70 million in unsecured debt. Ouch.
Redstone Sells Control of Midway to Ease Debt [WSJ]
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