Midway Games Sold For Bargain Price
With the Mortal Kombat vs. DC Universe not performing quite so well as its creators hoped Midway Games has been in dire straits of late. Now the company has been sold for a relatively low price given its worth of over $30 million as of last Friday. Media mogul Sumner Redstone is having the same financial problems as many CEOs in the ailing economy and sold his controlling stake of the company in an attempt to sort out his financial issues.
Private investor Mark Thomas paid $100,000 for 87% of the company’s stock and took on both the prestige of the studio that created classics like Mortal Kombat as well as the burden of bringing the company back from its precarious financial position. Mr. Thompson inherits over seventy million dollars of debt along with his relatively cheap purchase.