Midway sold for $100,000 (99% off!) > Video Game News, Inc.

Monday, December 01, 2008

Midway sold for $100,000 (99% off!)
By NutMan @ 11:02 AM :: 153 Views :: 3 Comments ::

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Sumner Redstone has sold his controlling stake of 87% in Midway Games to some guy. That guy, a private investor named Mark Thomas, will assume control of $70 million of secured and unsecured debt.

On Friday the company was estimated to be worth $30 million. So, you might think this Mark Thomas guy got quite the bargain until you realize exactly why Redstone finally decided to sell Midway. They haven't been doing that great lately.

Redstone has invested over $500 million in Midway Games and the situation for Midway has yet to turn around. They've put everything they have on Mortal Kombat VS Dc Universe being a success, but with it coming out in such a crowded holiday release season it's unlikely that it will be able to do what Midway wants it to.

Comments

By Sheep @ Monday, December 01, 2008 11:35 AM

Someone needs to do with Midway what SqareEnix is doing with Taito: Reinvent their old franchises and bring a new perspective to them. Couldn't they make a new updated version of Rampage for XBLA and PSN?

By admin @ Monday, December 01, 2008 12:11 PM

Private Investors are odd. It's hard to say what it means if this guy owns them. He might be interested in liquidating them, or he might have a great idea for a game and wants to see it developed.

Funny how we just talked about Midway on MediSpective last night.

By Slim @ Tuesday, December 02, 2008 9:53 AM

liquidation seems like the route this investor may be taking. I am curious to see how this works out.

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