Redstone Tweaks Midway Games Stake
Sumner Redstone is unloading some of his stock in Midway Games (MWY).
Well, kind of.
In an effort to transfer responsibility for a $425 million personal debt to a holding company he indirectly controls, the Viacom (VIA) chairman and CEO is shifting some of his personal stake in the video-game software publisher, according to a regulatory document filed on Thursday.
Prior to the deal, Redstone owned about 64% of Midway directly, and with his indirect holdings, about 89.25% of the company overall.But the transaction may be about more than shifting debt and stock among related entities. Indeed, the deal anticipates a potential sale of Midway shares by Redstone or the holding company by laying out ground rules for such sales. Any such sale would be a change in course for Redstone, who has been
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