Redstone Sells Ownership of Midway

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MidwaySumner Redstone, the media mogul behind Viacom, worked hard to acquire an 87% stake in Midway, taking control of the video game publisher. Now, to maintain control of his media empire after the recent economic problems, Redstone has sold his stake in Midway.
According to Bloomberg News, Redstone sold his 87% stake in Midway to Mark Thomas, a private investor. According to the Wall Street Journal, Thomas will also assume $70 million of Midway's debt.

Redstone is taking these actions, shedding debt and selling assets so that his National Amusements business will be able to renegotiate its lending arrangements.

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This page contains a single entry by Editor published on December 1, 2008 8:41 AM.

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