June 23, 2001 |
Midway Games Inc., which made "Pac-Man," "Spy Hunter" and "Gauntlet" arcade games in the 1980s, plans to cut its work force by about 60 employees, or 10%, and exit the coin-operated arcade video-game business because of declining demand. Midway is focusing on making home video games such as "Mortal Kombat" and "NFL Blitz" for Sony Corp.'s PlayStation 2, Microsoft Corp.'s Xbox and Nintendo Co.'s Gamecube and Game Boy. Midway Games rose 15 cents to $15.85 on the NYSE.
October 3, 2007 |
Midway Games Inc., the video game company controlled by Sumner Redstone, said it had a larger-than-expected third-quarter loss as product delays led to a sales shortfall. The loss excluding certain costs was about 27 cents a share, Chicago-based Midway said in a statement of preliminary results. It previously forecast a 17-cent loss. Sales were about $39 million, less than the $50 million that had been predicted.
December 25, 2003 |
Viacom Inc. Chief Executive Sumner Redstone's plan to purchase more shares in Midway Games Inc., the maker of Mortal Kombat and other video games, was cleared by the Federal Trade Commission. The FTC decision to end a review of the transaction may give Redstone, Midway's biggest shareholder, enough stock to take the company private.
June 9, 2004 |
Viacom Inc. Chief Executive Sumner Redstone has hired a financial advisor to evaluate the possibility of boosting his stake in Midway Games Inc. and taking the video-game maker private. Redstone has increased his stake in Midway to 72.4% from 71.39%, according to a filing with the Securities and Exchange Commission. Midway shares rose 65 cents, or 5.4%, to $12.63 on the NYSE.
September 19, 2008 |
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.
February 6, 2003 |
Midway Games Inc., maker of the popular "Mortal Kombat" video game series, is shutting down internal development at its Milpitas, Calif., office, according to company sources. The move will affect more than 80 people, over half its staff there. Some developers will move to Midway's Chicago headquarters or its office in San Diego, but most will be laid off, sources said. The Milpitas group had been working on "Gladiator: The Crimson Reign," a game that was canceled to reduce costs.