News

Midway sold for $100k and a lot of debt

Posted by: Chuck at 12/1/2008 12:57 PM
Summer Redstone has sold Midway to Mark Thomas for $100,000 in cash.  As part of the deal Mr. Thomas will also assume $70 million in debt for the company who hasn't had a major hit in years.  It's a bit weird to see one of the major pioneers of the video game industry getting sold to a third party but you have to wonder why they weren't able to sell the company to EA, Ubi, or Activision.  It will be interesting to see what happens to Midway now as the company could be closed, have it's IP's sold off, or any number of things.