Redstone to Sell Control of Midway Games

Sumner Redstone has sold his controlling stake in videogame company Midway Games(MWY Quote) to a private investor, according to a report.

Redstone's holding company, National Amusements, is expected to announce Monday that it sold its 87% stake in Midway to investor Mark Thomas, a move that represents a significant loss on the media mogul's investment but secures a hefty tax benefit as he negotiates other asset sales, the Wall Street Journal reports.

National Amusements is in talks with its banks to restructure its $1.6 billion debt pile after breaching one of its debt covenants. As part of the restructuring, the Redstone family has been discussing selling some of its assets, including some movie theaters and a holding in slot-machine company WMS Industries(WMS Quote), the newspaper reports. ...