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Midway Shares Selling For $100K

kijibe
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Posted December 1, 2008 - By kijibe

Midway Games' majority stockholder, Sumner Redstone, will be selling the entire 87% of his controlling stake in what is already a financially marred company.

Mr. Redstone's holding company, National Amusements, which owns Midway, already suffers from a debilitating $1.6 billion debt.

Mark Thomas, a private investor, is getting a great deal at $100,000 or $0.0012 a share, which is significantly lower than $.38 a share, which was Midway's previous closing price.

Mr. Redstone and his family are majority owners of a bevy of media companies like CBS Corp., Viacom, MTV Networks and BET to name just a few.

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Tags: Videogames
Midway Shares Selling For $100K
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