Wednesday
03Dec2008
Redstone Sells Midway Shares for a Whopping $100K
Wednesday, December 3, 2008 at 12:48AM
Sumner Redstone is one of the richest and most
important men in entertainment. The 85-year-old Viacom chairman was recently ranked the 66th richest American
by Forbes, with a net worth over $5 billion. Of course, some of that
money was based on his holdings in
Midway Games, which in its heyday produced
such classic arcade fare as Space Invaders, Pac Man, Defender, Joust, Galaga,
and Mortal Kombat. 
I'm not sure what it's worth in your world, but if you could own any percentage of the rights to Pac Man, Ms. Pac Man, and Space Invaders, that would be worth more than the lower end of six figures from where I sit.
However, Midway's overall future is still in doubt, because it hasn't posted a profit in four years and Thomas plans to be a "passive investor," according to a story in the Chicago Tribune. Commenting on the transaction, Ed Woo, an analyst at Wedbush Morgan, said it "seems like it's a fire sale because Sumner is losing almost a billion dollars on his investment."
But did Sumner dump it just to clear the ledger or is Midway really cooked for good?
Colin Boyd | Permalink | in Video Games | Print Article | Email Article | 2 Comments | Share Article
Reader Comments (2)
Boomshalakalaka!!!
Exactly.