Publishers for cheap: Midway sold for US$ 100,000
Summer Redstone, chairman of National Amusement, Inc and previously the owning investor of Midway Games, has sold his 87 percent controlling stake for US$ 100,000 or approximately US$ 0.0012 per share. More in the full article.
Summer Redstone, chairman of National Amusement, Inc and previously the owning investor of Midway Games, has sold his 87 percent controlling stake in Midway Games, inc for US$ 100,000 or approximately US$ 0.0012 per share. The 20 year old Mortal Kombat publisher was sold to a private investor, Mark Thomas.
Although the sale is obviously a significant loss for Redstone, the dirt-low price did secure for him a healthy US$ 800 million in tax savings for his other company, National Amusements, Inc, which is reportedly in debt for around US$ 1.6 million.
As for Midway itself, the future is starting to look very bleak. Their losses had doubled to US$ 76 million in the course of just three months ending in September and, more recently, they’re facing delisting in the New York Stock Exchange for having shares that have far too little value.
When it rains, it pours. Good luck to you, Midway.
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