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Media mogul Sumner Redstone has sold his controlling stake in video game company Midway Games Inc. to a private investor to ease his debt load, the Wall Street Journal said.

Quote:
"Redstone's National Amusements Inc is expected to announce on Monday that it sold the 87 percent stake to investor Mark Thomas, the Journal said.

Thomas has agreed to pay about $100,000, or $0.0012 a share, for the Midway stake and will assume $70 million of senior secured and unsecured debt. Thomas has no prior relationship with Midway Games, the paper said."

Member Comments
# 1 rudyjuly2 @ 12/01/08 01:52 PM
You pay $100,000 to assume $70 million of debt? Definitely doesn't sound like a money making takeover to me.
 
# 2 Herky @ 12/01/08 04:56 PM
Unless I have this confused with another company, hasn't Midway been rumored to be going out of business for the past few years?
 
# 3 sportznut02 @ 12/01/08 08:01 PM
Quote:
Originally Posted by VikingFan4Ever
Unless I have this confused with another company, hasn't Midway been rumored to be going out of business for the past few years?
yes they have, which is why is i don`t understand this
 
# 4 mercalnd @ 12/02/08 09:50 AM
Quote:
Originally Posted by rudyjuly2
You pay $100,000 to assume $70 million of debt? Definitely doesn't sound like a money making takeover to me.
Companies buy debt to offset revenue and save on taxes.
 
# 5 allBthere @ 12/02/08 01:30 PM
Midway is a good name though. 100k is nothing to take over control of midway games. Mercland is right, plus it's not like this guy actually assumes any debt personally it's all paper.

This guy could actually try to put out profitable games if he wanted to as well.

I can't get over that it's only 100k!

I'm goint to try and keep tabs of what's going on at midway (could be nothing, could be something)
 

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