Redstone Sells Midway Stake

  • December 1, 2008
Times are tough even for Sumner Redstone. To help his debt problems, Redstone has sold his controlling stake in video game company Midway Games Inc. to a private investor, reports The Wall Street Journal. Midway's holding company, National Amusements Inc., is expected to announce Monday that it sold its 87% stake in Midway to investor Mark Thomas, a move that secures a hefty tax benefit. NA is carrying $1.6 billion in debt.

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