Redstone Sells Midway, Considers Staking Viacom/CBS Against Debt

Image

In order to help resolve some of his family’s $1.6 billion debt problems, Sumner Redstone’s will sell his 87% stake in video game-maker Midway games to private investor Mark Thomas.

The sale will count as a $800 million tax loss, but comes at time when Redstone needs cash — and a tax break — now. 

As a part of a deal to appease debtors, Redstone’s holding company National Amusements could also sell some of its movie theatres and a portion of its slot-machine business. Whatever National Amusements doesn’t sell — including Redstone’s stakes in Viacom and CBS — would go toward securing the debt.

See Also:
The Biggest Losers