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Midway Games sold for USD 100,000 News

PC Xbox 360 PlayStation 3
News by Robert Purchese

1 December, 2008

Sumner Redstone has sold his controlling stake of Midway Games for a paltry USD 100,000 (GBP 66,718 / EUR 79,241), or just USD 0.0012 per share.

That 87 per cent will be bought by private investor Mark Thomas, in a deal the Wall Street Journal said will be officially announced today, according to Media Memo.

That same stake was apparently worth around USD 30 million on Friday, and Thomas will also assume Midway's chunky USD 70 million in debt as part of the deal.

Redstone was said to have sold Midway Games to ease his company's - National Amusements' - whopping USD 1.6 billion in debt. Half of that has to be paid back by the end of 2008, apparently, which is just 30 days away.

Midway Games has had a tough year, cancelling unannounced projects, laying off staff and facing the constant threat of delisting from the New York Stock Exchange.

The videogame company will look to Mortal Kombat vs. DC Universe to ease many of its troubles, although critics appear to have been less than bowled over so far.

Our thoughts on Mortal Kombat vs. DC Universe will pop up later this week.

Got a tip? Email news@eurogamer.net.

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Comments: 1-39 of 39

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rhinoxious
01/12/08 @ 14:16
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Strange, these nominal compnay sales usually go for a dollar or a pound - maybe Sumner needed some pocket money.

On a similar note we had an office whip-round to raise £1 to buy woolworths last week, till we realised it cmae with 270 million of debts! We only wanted it for the pick n' mix anyway.
Triggerhappytel
01/12/08 @ 14:20
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Unsurprising - I always thought Midway (or Atari) would be the next publisher to go down the toilet. They seemed to have a resurgence about four years ago or so, but that was really short-lived. They were just buckling under the weight of shit.

Hopefully this guy can do a Riccotellio on them and turn things around.
insincere_dave
01/12/08 @ 14:21
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This Zombie needs a double-barrelled shotgun blast in the face to finish it off.
Dark_Era
01/12/08 @ 14:35
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ahhhh amd they said that the global economic crisis wouldn't affect the gaming industry, might wanna change that now, lol
dingo75
01/12/08 @ 14:43
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"Fatality"
Sir_TimAlot
01/12/08 @ 14:54
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I wish someone would lend me USD 70 Million!
muscleblade
01/12/08 @ 14:54
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MK VS DCU has a metacritic average of 76%. Thats very good for this kind of game imo. Its up there with Mirrors Edge, Banjo, TR:Underworld. This is the best Mortal Kombat game for many years according to most reviewers. Im getting it as soon as im done with all the games im currently playing.
hoster
01/12/08 @ 14:55
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havn't brough a Midway game in 3 generations..still bit of a shame if they went. Bit like Woolworths really :P
Sir_TimAlot
01/12/08 @ 14:57
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not quite their "Hour of Victory" hahahahahaha
oh wait i played that game so i guess the jokes on me
layleeloo
01/12/08 @ 14:58
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Dingo75 - "Fatality".

Hhahahhahahahh LMAO. Its not nice to know of people of companies goig bump - but that did make me chuckle mate.
Eraysor
01/12/08 @ 15:01
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I only hope that the Unreal franchise can get off this sinking ship as soon as possible, and it better not swim over to Activision.
TheGoose126
01/12/08 @ 15:39
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This is what you get when you turn your back on the mighty Pinball machine!
Mentalist(air)
01/12/08 @ 15:43
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I wondered why we hadn't seen any series of The Mark Thomas Product on the telly lately, he's been saving up to buy Midway.
Malek86
01/12/08 @ 15:49
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30 million dollars worth of shares, sold for 100.000 dollars? I don't know his situations, but I think he might have insisted for a bit more.
penhalion
01/12/08 @ 15:55
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Half of that has to be paid back by the end of 2008, apparently, which is just 30 days away.

I think you'll find that it is referring to the end of the 2008 financial year.

edit:Malik86

it's sold for 70,100,000 but 70,000,000 is in the form of debts owed.
Edited 1 times, most recently on 01/12/08 @ 15:57
RedSparrows
01/12/08 @ 16:03
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Rush 2049 on XBLA before they die plx
Redeye
01/12/08 @ 16:29
#17
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Would you honestly take on $70M worth of debts in order to own Midway?

Seriously??

*wonders who would get all the old-school licences if the company went tits*
neilka
01/12/08 @ 16:43
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Mortal Kombat vs Pippa Funnell CONFIRMED
Waffleaber
01/12/08 @ 16:47
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It's at moments like this we should remember the good times.

Playing Rampage at the fairground.

2 player NFL Blitz on the Dreamcast.

Laughing at Kung Lao's friendship on MK3.

That's it. They were a bit crap really.
illusiondance
01/12/08 @ 16:51
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hmm, well thats the most drawn out process of quality control ever. good riddance.

(though its a shame about the crew who did the funky strangehold)
NinjaWilliams
01/12/08 @ 17:11
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The Mark Thomas Comedy Product ROCKS!!! :)
Dragul
01/12/08 @ 17:29
#22
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Stranglehold wasn't that bad really...

Another one to go the way of the dodo soon...
mainaman
01/12/08 @ 18:47
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Too many shitty games for a cuthroat market,it 's inevitable that sooner or later you will be going where your shit goes-the bargain bin,with huge dept that can flush you down the toilet for good.
Davemanz
01/12/08 @ 20:19
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Holy shit, 100 grand? My parents could have bought that shit, what the fuck? Honestly how easy will it be for the buyer to make that much back in an instant?
ArchiRag
01/12/08 @ 21:07
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^ not very
Sean.Aaron
01/12/08 @ 21:19
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So depressing. My all-time favourite arcade games and pinball machines were made by Williams (long since merged with Midway). What a waste. I can only hope whomever picks it up will still try to flog the classics. The fact that the Midway Treasures collections only came out for the Gamecube in the USA is supremely annoying; I'd love to be able to run Defender and Robotron without resorting to software hacks on my Wii...
Subquest
01/12/08 @ 21:22
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davemanz, your parents would be better advised spending their money buying you ritalin, so that you might read stories in full.
shotgun44
01/12/08 @ 21:52
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I think some of you need to brush up on your business...

May have only cost 100,000 in share price but it means that they are now responsible for the 70 million that is owed to the investors etc.
spidermanalf
01/12/08 @ 21:59
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They should realise, everything 'tweeny' is selling buckety loads!

MK vs High School Musical will sell by the bucket load!
Sean.Aaron
01/12/08 @ 22:47
#30
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"MK vs High School Musical will sell by the bucket load!"

Shit I'd buy that just to slap those kids around and I don't like Mortal Kombat!
Vin
02/12/08 @ 00:10
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Goddamnit.
muscleblade
02/12/08 @ 09:07
#32
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"Holy shit, 100 grand? My parents could have bought that shit"

I could have bought it myself. Easily. My apartment is worth 4 times as much.

edit i thouth it was 1000000 not 100000

That is cheap.
Edited 1 times, most recently on 02/12/08 @ 11:58
kangarootoo
02/12/08 @ 09:10
#33
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"I could have bought it myself. Easily. My apartment and car is worth almost as much. Damn."

And where would you live whilst you sat waiting for your failing company to turn around?
muscleblade
02/12/08 @ 10:17
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@kangarootoo

I could have rented an apartment in the meantime.
TheGoose126
02/12/08 @ 10:56
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kangarootoo
02-Dec-08 09:10:26 "I could have bought it myself. Easily. My apartment and car is worth almost as much. Damn."

I take it you live in the North!
muscleblade
02/12/08 @ 12:01
#36
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@TheGoose126

I thouth it was 1000000 not a lousy 100000. My mistake. My apartment is worth about 4 times that amount. I live in Oslo. My Car is worth a little less actually. I could have bouth Midway without selling my apartment. LOL.
Edited 2 times, most recently on 02/12/08 @ 12:01
Davemanz
03/12/08 @ 18:00
#37
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It just seems like even turning some amount of a profit would be relatively easy. Companies don't get sold because they're losing money, typically, they get sold because they're not making enough money. It certainly sounds like Redstone just needed quick cash and Midway was making less than his other companies. I mean honestly, if majority stake in a company is that cheap someone could've just taken out a loan and taken control of it. Midway has a fair amount of franchises to its name, it wouldn't necessarily be hard to just whore those out for dirt cheap and turn a quick profit.
Subquest
04/12/08 @ 09:50
#38
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davemanz - the bit about a $70 million debt? you've seen this right?
muscleblade
05/12/08 @ 13:46
#39
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the bit about a $70 million debt? you've seen this right?

Thats the reason ive wouldnt have bought it or even taken it over for free.

Comments: 1-39 of 39

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