TITLE

Game Publisher Midway Sells for Cheap

AUTHOR(S)
Lee, Michael
PUB. DATE
December 2008
SOURCE
Red Herring;12/1/2008, p1
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article reports that Sumner Redstone, the majority owner of the video game publisher Midway, has sold the company to investor Mark Thomas in December 2008. As stated, Redstone sold the company for $100,000 or $0.0012 per share, together with the assumption of $70 million in debt. Midway has reportedly experienced some financial setbacks. These include the need for an unexpected $40 million loan, decreased revenue and studio shutdowns, among others. Also, the company's shares declined $0.05 to $0.33 by the end of trading.
ACCESSION #
36586445

 

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