Redstone Confirms Plans to Buyout Midway, NARC Delayed

Viacom chairman Sumner Redstone has confirmed that he intends to buyout Midway Games, following the report of a $14 million loss (up from $9.3 million last year) for the publisher in its first quarter results. Redstone is already the single largest shareholder with 49.3 percent of the shares, and intends to increase his holding to at least 60 percent, gaining control of the company. With Redstone taking over the company, he has promised positive changes, telling Reuters at a conference, "You will see very soon an enormous infusion of great creative talent to Midway, and I mean very soon."

News source: GamePro

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