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Midway Games sold for USD 100,000 News
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Xbox 360
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by
Robert Purchese
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.
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Latest Screenshots
22 August, 2008 [0]
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Comments: 1-39 of 39 in total
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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. |
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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. |
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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.
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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.
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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 |
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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!
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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.
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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
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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. |
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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) |
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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...
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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! |
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Sean.Aaron
01/12/08 @ 22:47
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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! |
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muscleblade
02/12/08 @ 09:07
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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
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kangarootoo
02/12/08 @ 09:10
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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? |
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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! |
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muscleblade
02/12/08 @ 12:01
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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
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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.
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muscleblade
05/12/08 @ 13:46
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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 in total
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