Going, Going, Gone! Midway Sold!

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Midway Games was recently sold by it’s former parent company, Redstone National Amusements. The price? A whopping $100,000 or about a tenth of a penny per share. National Amusemenet had an 87% stake in the company but failed to see any return on their initial investment.

Apparently they tired of waiting and sold out to Mark Thomas who takes on the company which was recently valued at $30 million but has massive outstanding debt and is piling up losses quarter after quarter.

Numerous attempts to contact Midway in the past had been met with no response. The sale is not very surprising, however the extremely low price of the sale is as it shows that even Redstone doesn’t believe their investment in Midway would ever turn a profit.

Midway stock currently sits at 31 cents per share.

In : PC

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