News

Midway acquisition looms

Redstone hones in on gaming foothold

A take-over of the continually flagging Midway Games developer and publisher seems to loom ever-nearer with word from the US today that Viacom CEO Sumner Redstone has made a filing to the Securities and Exchange Commission stating that he has hired a financial adviser with a view to increasing his stake in the firm to 80% from his current 72.4% of common stock.

Redstone's daughter, Shari E. Redstone, has also been appointed to the board of directors at Midway, and the number of seats on the board reduced from eleven to eight at the major shareholder's request. This increased interest in Midway from Redstone could see him eventually owning the company privately, possibly with a view to then selling the firm to Viacom through which the entertainment giant could leverage its Nickelodeon and MTV brands in the games market.

"Viacom's stable of high-profile content is likely to remain among the most sought-after intellectual property for video games for the foreseeable future," stated one analyst, meanwhile, Midway's shares hit a fifty-two week high of $13.49 as news of Redstone's filing spread.

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