Suffering
Midway target of takeover on GameSpot reports on some Midway financial
reporting during a year when they released a single, albeit successful, title
(The Suffering), and on news that they are a takeover target for my old boss
Sumner Redstone:
However, Midway officials couldn't put a positive spin
on what happened after their announcement. The company's stock lost 9.8 percent
of its value ($0.95) after Viacom CEO Sumner Redstone announced his intention to
buy a controlling stake in the company. Currently, Redstone's National
Amusements company owns 49.3 percent of Midway's stock, and, according to papers
filed with the SEC, he plans on increasing that to "at least" 60 percent.
Speaking to Reuters at a conference, Redstone implied he had big plans for the
publisher. "You will see very soon an enormous infusion of great creative talent
to Midway--and I mean very soon," he said. Redstone also his interest and
investment in Midway was purely personal. "I do not look at this as a Viacom
agenda," he said.