This hasn’t been a good year for Midway, and it’s just got worse! Sumner Redstone has sold his controlling stake of Midway for chump change, only $100,000.
That is at the low, low price of $0.0012 per share! What a bargain! Redstone sold all of his stock in the company (87% of Midway’s stock) to a private investor, Mark Thomas. The sold stock was worth $30 million on Friday when the market closed
What drove Redstone to sell his stock at such a staggering loss? His company, National Amusements, stated that it was in order to lessen the company’s debt estimated at $1.6 billion. Mr. Thomas is not only getting Midway but $70 million worth of debt as well. Hopefully Mr. Thomas can turn the company around, hopefully with the help of Mortal Kombat Vs DC Universe and Blitz: The League 2.
(Thanks, Eurogamer.)
