November 27, 2008 |
Media mogul Sumner Redstone has proposed selling part of his family holding company's movie theater circuit to pare down its debt, according to people close to the situation. A restructuring plan submitted to bankers this week by Redstone's private holding company, National Amusements Inc., also proposed shedding stakes in the video game company Midway Games Inc. and slot machine maker WMS Industries Inc.
May 14, 2009 |
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."
June 12, 2008 |
Petty Enterprises, the venerable NASCAR team led by Richard Petty, sold control of the family business Wednesday to investment firm Boston Ventures. Once one of stock car racing's most powerful teams with "The King" himself at the wheel, Petty Enterprises fell into mediocrity during the last two decades and hasn't won a race since 1999. "The time has come for Petty Enterprises to take the steps necessary to get back to victory lane," Petty, 70, said in a statement.
July 23, 2003 |
Activision Inc., the nation's second-largest video game publisher, posted lower quarterly sales and profit Tuesday but still beat expectations as the company pursued a new strategy of developing fewer but bigger titles. Sales fell 17% to $158.7 million in its fiscal first quarter. Spring is typically the industry's slowest period. Net income dropped nearly 80% to $4.2 million, or 4 cents a share. Activision earned $20.
December 6, 2002 |
Blasting its way into the mainstream, the video game industry is defying predictions of slack consumer spending and appears on track to hit record sales this year of $12 billion. Supported by a growing base of consoles in U.S. homes, game software sales grew by more than 20% over the Thanksgiving weekend compared with the same period last year, according to the Interactive Entertainment Merchants Assn.
May 12, 2009 |
Jerry Bruckheimer, the producer of action films and television shows such as "Top Gun," "Black Hawk Down" and "C.S.I," now thinks video games are where the action is. Bruckheimer is the latest Hollywood kingpin to dive into the $50-billion-and-growing global game industry.
April 18, 2009 |
Although Viacom Inc.'s stock took a beating in 2008, losing more than half its value, the media conglomerate's chairman, Sumner Redstone, and its chief executive, Philippe Dauman, earned pay raises for the year. Redstone was awarded a total compensation package valued at $12.1 million. Viacom said that given the decline in value of his stock options, Redstone's actual take-home pay was $6.3 million. In 2007, the chairman took home $8.3 million.
May 12, 2003 |
The next "shock and awe" campaign may be advertisements for hot sauce, pesticides, video games or even condoms. The phrase that described bombing attacks on Baghdad is listed in 28 applications with the U.S. Patent and Trademark Office for use in marketing a variety of products. The first application, for fireworks, was filed March 20, the day U.S. bombs started raining on the Iraqi capital.
June 27, 2009 |
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.
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.