NEWS - Tuesday, June 8, 2004

Viacom Taking Midway Private?

June 08, 2004 - Reuters reported today that Viacom Chairman Sumner Redstone has taken another step in his interests in Midway Games by hiring a financial advisor to assist in possibly taking game publisher private. Redstone is already the controlling shareholder in Midway, with a 72.4% stake both personally and through his company National Amusements. In a report filed with the US Securities and Exchange Commission, Redstone said he hired the advisor, who is unnamed, to help evaluate whether to take Midway private or to increase Redstone’s share to more than 80% of the company. Redstone’s interest in Midway comes at the end of four years without profit for the company. The Viacom chairman has said he intends to reinvigorate the developer and publisher with new talent, and that his actions are not part of a larger plan to merge Midway with entertainment giant Viacom. At the time of the Reuters article, Midway shares were up 9% to $13.03, indicating a positive investor reaction to the news so far. We’ll keep you updated.


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