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 Posted: Wed, 3rd Dec 2008 04:42 Post subject: Midway Games sold for USD 100,000 |
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| Quote: | | Redstone was said to have sold Midway Games to ease his company's - National Amusements' - whopping USD 1.6 billion in debt. Half of that has to be paid back by the end of 2008, apparently, which is just 30 days away. |
http://www.eurogamer.net/article.php?article_id=322379
Midway used to be a big company didn't they?
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Esel_Gesi
VIP Member
Posts: 3802
Location: Chicago
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| Posted: Wed, 3rd Dec 2008 04:58 Post subject: |
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NOOOO!!! NO MODERN NBA JAM! 
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| Posted: Wed, 3rd Dec 2008 05:04 Post subject: |
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1.6 billion debt? Did they pay people to take their games?
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| Posted: Wed, 3rd Dec 2008 05:17 Post subject: |
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| Posted: Wed, 3rd Dec 2008 05:24 Post subject: |
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LOL, Midway was not "sold for $100,000," people.
You guys don't know much about finance.
Correcting people since 2007 even if they're not wrong.
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| Posted: Wed, 3rd Dec 2008 05:45 Post subject: |
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| Cedge wrote: | LOL, Midway was not "sold for $100,000," people.
You guys don't know much about finance. |
sold for $100,000 + 1.6 billion of debt.
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| Posted: Wed, 3rd Dec 2008 06:41 Post subject: |
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| Cedge wrote: | LOL, Midway was not "sold for $100,000," people.
You guys don't know much about finance. |
Exactly. Saves National Amusements 800 mil in taxes in 2008.
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Parallax_
VIP Member
Posts: 6422
Location: Norway
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| Posted: Wed, 3rd Dec 2008 08:02 Post subject: |
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| Quote: | (Reuters) - Media mogul Sumner Redstone has sold his controlling stake in video game company Midway Games Inc (MWY.N: Quote, Profile, Research, Stock Buzz) to a private investor to ease his debt load, the Wall Street Journal said.
Redstone's National Amusements Inc is expected to announce on Monday that it sold the 87 percent stake to investor Mark Thomas, the Journal said.
Thomas has agreed to pay about $100,000, or $0.0012 a share, for the Midway stake and will assume $70 million of senior secured and unsecured debt. Thomas has no prior relationship with Midway Games, the paper said.
The sale amounts to a significant loss on Redstone's investment but secures a hefty tax benefit as he negotiates other asset sales, the paper said.
National Amusements has about $1.6 billion in debt outstanding. Half of that will need to be repaid by year-end. |
Source
I can't say it's a loss. All they make is CRAP. |
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| Posted: Wed, 3rd Dec 2008 16:10 Post subject: |
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I held stock in this sucker from 2,30$ a few days befor UT3 release, then it went to 4.00$ in like 1 day, never sold tho :/ Then it went down to 1,70 and then up again to 2,70 and i sold. A few days after it went up to 3,8 for no reason, some noob pumped it on his webpage, but there was nothing to support it, so it dropped down fast after that and now its at 0,30~ ^^
What a ride...
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| Posted: Wed, 3rd Dec 2008 20:46 Post subject: |
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guess Mortal Kombat vs DC Universe was a flop ... i wonder now who will release "The Wheelman" and "This is Vegas"
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lhzr
Posts: 3902
Location: RO
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| Posted: Wed, 3rd Dec 2008 23:35 Post subject: |
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..
Last edited by M4trix on Sun, 31st Mar 2024 21:18; edited 1 time in total
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| Posted: Thu, 4th Dec 2008 00:49 Post subject: |
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Suffering was good =/
Sense Amid Madness, Wit Amidst Folly
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| Posted: Thu, 4th Dec 2008 01:09 Post subject: |
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They are dead long time ago anyway
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| Posted: Thu, 4th Dec 2008 02:14 Post subject: |
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| Posted: Fri, 5th Dec 2008 07:50 Post subject: |
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| hund_schraube wrote: | | Vodka-Redbull wrote: | | Cedge wrote: | LOL, Midway was not "sold for $100,000," people.
You guys don't know much about finance. |
Exactly. Saves National Amusements 800 mil in taxes in 2008. |
looking for the button that makes that statement make sense.
there it is ignore user  |
Ah, u guys are way off.. National Amusements is a large corperation that owns many companies (Like Viacom and CBS Corporation, perhaps you've heard of them), of which Midway was part of. Midway owns a debt of "$70 million of senior secured and unsecured debt." Which the purchaser would have to assume. Hence why it sold for so little.
So the compnay itself was worth aprox 70mil + - (probably worth more, but not much) considerably less then 1.6bil, I doubt even EA games can amount to that much debt...lol.
So its not midway that is 1.6bil in worth, its National Amusements
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