Sumner Redstone has sold his controlling stake in Midway Games in a bid to sort out his debt problems.
Private investor Mark Thomas has agreed to pay about $100,000 for 87 percent of the company, reports the Wall Street Journal.
It's a rock bottom price as the stake had a market value of $30 million on Friday, although the new owner will assume $70 million of senior secured and unsecured debt.
Chicago-based Midway's seen its fair share of bad fortune in recently, having been threatened with being delisted from the New York Stock Exchange following a series of financial losses, layoffs and studio closures.
What the sale means games-wise is anyone's guess at the moment, but there should be some more news soon as the deal's expected to be officially confirmed later today.
Its a shame that these Devs are going to the wall but there seems to be a trend developing between them ... they all make pretty crappy games. If this were a Valve; ID; Epic; Blizzard; Lionhead; Insomniac or Square then I would be like WTF but these Houses havent really been creating games good enough to save them.
Still, if my company have to streamline/cutback why should Game companies be any different?
I wouldn't be sad if Midway went into liquidation as they have given us such monstrosities that they call games and I am sure there only going to churn out more rubbish to make a quick profit anyway!
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