Midway Games Inc. (MWY) > Articles
bids
17
17
Midway Games Inc. (MWY)
Redstone sells Midway for $100,000
Redstone sells Midway for $100,000
GamesIndustry - December 1, 2008
Submitted by dryden (283) at 5:34AM PST on December 1, 2008
Sumner Redstone has sold his controlling stake in Midway Games for USD 100,000 (EUR 79,241 / GBP 66, 718), or USD 0.0012 per share, according to a report by the Wall Street Journal.
Discussion - Submit a comment
bids
1sagexsdx posted on Midway Games Inc. (MWY) at 5:13PM PST on December 1, 2008. RE: Redstone sells Midway for $100,000@apujanata,
yeah i wouldn't want any part of that.
welcome back from thanksgiving everyone![ Oracle ] [ Level 21 ] [ Rank: 148 ]bids
6apujanata posted on Midway Games Inc. (MWY) at 4:03PM PST on December 1, 2008. RE: Redstone sells Midway for $100,000bids
17dryden posted on Midway Games Inc. (MWY) at 5:34AM PST on December 1, 2008. Article: Redstone sells Midway for $100,000
About Us - The simExchange is the video game stock market and the source
for video game sales forecasts.
3
Sumner has been hurting big time. There's been speculation he may have to sell off National Amusements entirely. I'm not sure divesting Midway will help him much.
The GI article is a bit misleading as usually the assumption of debt is included in the sales figure. Paying $100,000 and taking on $70 million in debt is essentially the same result on the balance sheet--more liabilities and fewer assets.
This one has to be pretty aggravating. It says he put in $500 million and its basically a total write off now.