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Redstone firm to back up Midway

September 19, 2008|From Times Wire Services

Sumner Redstone's National Amusements Inc. agreed to provide as much as $40 million in financing to Midway Games Inc., the money-losing video game maker the media billionaire also controls.

National Amusements will supply the funds by buying receivables, Chicago-based Midway said. The company had $14.6 million in cash as of June 30, down from $57 million a year earlier.

Midway is cutting jobs and reducing development spending to lower costs.

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