Sumner Redstone Sells Midway Games To Ease Cash Crunch
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“In an effort to help resolve his debt problems, Sumner Redstone has sold his controlling stake in videogame company Midway Games Inc. to a private investor. Mr. Redstone’s holding company, National Amusements Inc., is expected to announce Monday that it sold its 87% stake in Midway to investor Mark Thomas, a move that represents a significant loss on the media mogul’s investment but secures a hefty tax benefit as he negotiates other asset sales.” [Link]
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