November 11, 2008 |
Midway Games Inc., the video-game publisher controlled by Sumner Redstone, reported a wider third-quarter loss because of higher costs to develop titles, and predicted it would stay unprofitable in the current period. The net loss expanded to $75.9 million, or 83 cents a share, from $33.5 million, or 37 cents, a year earlier, the company said. Third-quarter revenue rose 40% to $51.4 million. Chicago-based Midway, maker of the Mortal Kombat games, hasn't had a profit in more than three years.
November 8, 2008 |
Shari Redstone, the daughter of media mogul Sumner Redstone, resigned Friday as chairwoman of beleaguered Midway Games Inc., saying she needed to focus more attention on negotiations with bankers to restructure the family business' massive $1.6-billion debt. The move underscores the pressure the powerful media family is under to make an $800-million payment by Dec. 19. Shari Redstone has been leading discussions with lenders on behalf of the family holding company, National Amusements Inc.
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.
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 30, 2005 |
Sumner Redstone placed his stake in Midway Games Inc. into a new company controlled by his daughter, Shari Redstone, in an effort to free him from $425 million of debt. The shift will place the stake in Sumco Inc., according to a filing with the Securities and Exchange Commission. Sumco will assume shares that had been used as collateral by Redstone for a loan from Citigroup Inc.
June 28, 2005 |
Viacom Inc.'s MTV division said Monday that it had teamed with video game maker Midway Games Inc. to market three upcoming games, sell in-game advertising and develop the soundtracks for the games. The first title shipping under this deal, an arcade racing game called "L.A. Rush," is expected to debut this holiday season. It will feature the crew from the MTV show "Pimp My Ride," the companies said.