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Midway Games Inc

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BUSINESS
November 9, 2004 | From Bloomberg News
Midway Games Inc., the video game maker controlled by Viacom Inc. Chairman Sumner Redstone, said its third-quarter loss narrowed to $13.9 million as the company sold more copies of the latest "Mortal Kombat" game. The net loss of 20 cents a share compared with a loss of $23.3 million, or 52 cents a share, a year earlier. Sales rose 46% to $17 million, the Chicago-based company said.
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NEWS
July 18, 2009 | Alex Pham
A Massachusetts businessman who paid a mere $100,000 for an 87% stake in Midway Games Inc. scored nearly $5 million from its sale, chalking up a 4,900% return on his eight-month investment. Mark E. Thomas, an investor in Concord, Mass., bought his shares in the troubled Chicago game publisher in November from financially strapped media magnate Sumner Redstone, who got rid of his holdings in time to claim a $700-million 2008 tax write-off.
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BUSINESS
April 14, 2004 | From Reuters
Sumner Redstone, chairman of Viacom Inc. and the largest shareholder in video game publisher Midway Games Inc., may seek to boost his stake in or acquire the company, he said in a regulatory filing. In a statement filed with the Securities and Exchange Commission, Redstone, who holds more than 48% of Midway individually and through his company, said there was no timetable to complete a review of his options, which could also include seeking a seat on Midway's board.
BUSINESS
June 27, 2009 | Ben Fritz and Alex Pham
Warner Bros. has emerged as the only bidder for Midway Games Inc., all but assuring that it will take control of the bankrupt video game publisher previously owned by Viacom Inc. Chairman Sumner Redstone and become a major force in the video game industry. Midway had hoped that the film studio's $33-million offer, made in late May, would spark a bidding war that would boost its price.
BUSINESS
June 23, 2001 | Bloomberg News
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.
BUSINESS
October 3, 2007 | From Times Wire Services
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.
BUSINESS
June 28, 2005 | From Associated Press
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.
NEWS
July 18, 2009 | Alex Pham
A Massachusetts businessman who paid a mere $100,000 for an 87% stake in Midway Games Inc. scored nearly $5 million from its sale, chalking up a 4,900% return on his eight-month investment. Mark E. Thomas, an investor in Concord, Mass., bought his shares in the troubled Chicago game publisher in November from financially strapped media magnate Sumner Redstone, who got rid of his holdings in time to claim a $700-million 2008 tax write-off.
BUSINESS
December 21, 2002 | Alex Pham, Times Staff Writer
Midway Games Inc., best known for its "Mortal Kombat" series of fighting games, is battling for its own survival and is shopping itself to other video game publishers, sources said Friday. Industry executives familiar with the situation said Midway had approached at least two firms about a possible deal. But whether a merger or an acquisition will transpire is far from clear. Companies such as Santa Monica-based Activision Inc. and Redwood City, Calif.-based Electronic Arts Inc.
BUSINESS
December 25, 2003 | From Bloomberg News
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.
BUSINESS
May 14, 2009 | Alex Pham
Creditors of Midway Games Inc. are suing the Chicago company's board members and former majority owner Sumner Redstone, alleging that his sale of Midway was a "fraudulent transfer" that benefited the media mogul while pushing Midway into bankruptcy. The suit, filed Monday in federal Bankruptcy Court in Delaware, alleges that Redstone sold his 87% stake to investor Mark E. Thomas for a mere $100,000 so Redstone could register $700 million in tax losses and collect a "massive tax refund."
BUSINESS
December 2, 2008 | Claudia Eller and Alex Pham, Eller and Pham are Times staff writers.
Sumner Redstone and his holding companies have sold their shares in Midway Games Inc. for less than a penny each, capping the media mogul's aggressive investment in the troubled video game maker that ended up costing him hundreds of millions of dollars. The $100,000 in proceeds from the sale of Redstone's 87.2% stake to investor Mark Thomas will not help pay down his family company's debt of $1.6 billion.
BUSINESS
November 11, 2008 | Times Wire Services
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.
BUSINESS
November 8, 2008 | Claudia Eller and Meg James, Eller and James are Times staff writers.
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.
BUSINESS
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.
BUSINESS
October 3, 2007 | From Times Wire Services
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.
BUSINESS
June 9, 2004 | From Dow Jones/Associated Press
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.
BUSINESS
December 30, 2005 | From Bloomberg News
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.
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