Send News. Want a reply? Read this. More in the FAQ.   News Forum - All Forums - Mobile - PDA - RSS Headlines  RSS Headlines   Twitter  Twitter
Customize
User Settings
Styles:
LAN Parties
Upcoming one-time events:

Regularly scheduled events

Midway Sold

Reuters reports Sumner Redstone has sold his controlling interest in Midway Games after years of poor performance. The report says Redstone's National Amusements will announce today the sale of its 87% stake in Midway for approximately $100,000. No, there are no zeros missing from that sentence, as the price is about $0.0012 per share, which may literally satisfy that old saying about a stock not being worth the paper it's printed on. In that way rich people have of making chicken salad out of the less edible portions of the chicken, the $100,000 sale will net National Amusements a 2008 tax loss of approximately $800 million, which represents about half of the company's outstanding debt. Thanks GamePolitics. If disclosure is appropriate here, at one time I indirectly worked for Sumner Redstone, as Viacom assumed control of MTV Networks during my tenure there.

Email Digg Facebook Twitter   Share More    


 

  
   Current Headlines
Assassin's Creed Rogue for PC Possible
Linux Another World Released
Legend of Grimrock 2 Next Month; Preorders Underway
Xbox One Controller for Windows in November
The Evil Within TGS Trailer
Gratuitous Space Battles 2 Trailer
Morning Crowdfunding Roundup
Morning Interviews
Morning Consolidation
Morning Mobilization
Morning Tech Bits
Morning Safety Dance
Morning Legal Briefs
Game Reviews
Hardware Reviews
etc.
Out of the Blue
Bejeweled 3 Free on Origin
Total War: ROME II Emperor Edition & Free Update Released
ArcheAge Launches; Founders Unhappy
  

 



footer

Blue's News logo