Network now...NEWS
Midway Sold for $0.0012 per Share
The 20-year-old Mortal Kombat Publisher Midway has been sold by its owning investor Sumner Redstone for the rock-bottom price of $100,000, a Midway regulatory filing confirms.
Sumner Redstone, the 85-year-old chairman of National Amusements sold the company at $0.0012 per share on November 28. Midway investors National Amusement Inc. and Sumco also sold a combined 68 million Midway shares. Combined, the three parties sold approximately an 87.2 percent stake in the company.
Though that selling price seems absurd at face value, in selling Midway Redstone will make an $800 million tax saving for National Amusements. The firm is reported to have an outstanding debt of $1.6 billion.
A Wall Street Journal reported said that an investor, Mark Thomas, purchased Midway.
The future of Midway, which recently understood it may be delisted from the NY Stock Exchange, hangs in the balance.
Update: Added Midway filing information.
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Copyright 2006 - 2009 Future Publishing Limited, Beauford Court 30 Monmouth Street Bath, UK BA1 2BW
England and Wales company registration number 2008885
Noo, no. These new owners are going to revitalize some of Midway's most awesome IP. Do they own any IP's (such as Mortal Kombat) themselves? Could someone list them for me?
MIdway R.I.P
Who bought them?
I mean, who is this Mark Thomas guy?
Why wouldn't you want to be independent?
Sounds like end of the line for Midway. Break up company, sell off IPs to whoever still cares, close it down and keep licensing the back catalog to online services from a desk somewhere in Alaska.