News
Controlling Interest in Midway Games Sold
The Price May Surprise You
by Sean
Just over a week ago we told you that Midway was on the verge of financial ruin, with the New York Stock Exchange giving the six month notice before delisting the company's stock. Well, it looks like there was some value in the company, if only a paltry amount. GamePolitics is reporting that Sumner Redstone has sold controlling interest in Midway for the nearly imaginary price of $.0012 per share, or a total of just over $100,000. Redstone, whose National Amusements com owns the CBS network, Viacom, MTV, DreamWorks, and most of the continent of South America (okay, I made that last one up) sold his interest to Mark Thomas, an investor.
While acquiring a company like Midway for $100 grand sounds like a great deal, bear in mind that Thomas has also taken on Midway's debt, which clocks in at around $70 million. As GamePolitics points out, although Redstone is taking a huge loss on the sale, he is also getting National Amusements out from under an $800 million tax burden.
No word yet on whether or not Thomas has any big plans to revive Midway or if he even believes it's possible. I wish I had known that Redstone was looking to sell... I have a feeling that if enough of us got together, we could have bought Midway. That would have been so sweet...
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Comments
I'm stunned they're still around, actually. I can't remember the last time they released something that actually made money.
If you had seen the crowds playing MK vs. DC at the Gamervision booth during VGXPO, you would have thought that Midway was on its way to the top!
Yeah, but to be fair, that was literally the newest game on display at the expo.